Saudi Minister of Investment, Engineer Khalid Al-Falih, said that his country and the United Kingdom lead more than 20 economies in the world.

During his participation in a dialogue session – within the “Great Futures” Initiative conference, today, Tuesday, currently being held in Riyadh – he explained that “Vision 2030” directs the path towards economic diversification and innovation, and aims to increase investments by more than 3.3 trillion riyals ($880 billion). The local market has become one of the top 10 markets in the world.

Al-Falih stressed that holding this event represents a great start, and provides British participants with the opportunity to explore the investment potential in Saudi Arabia, noting that many companies currently tend to choose the Kingdom as an incubator for promising investments, and that 52% of these investments are from the United Kingdom.

Al-Falih explained, “The plan that was drawn up included 60 initiatives covering 17 sectors, and we have set some milestones, and Vision 2030 is the one that directs our nation towards diversity and innovation, and there is enormous potential in all sectors in the Kingdom, so the opportunity is great.”

He pointed out that the United Kingdom is the second largest exporter of services in the world. “We are looking at these services, including health, education, culture, sports, entertainment, and financial insurance, and I believe that there is tremendous potential in this sector of services.”

The Saudi minister revealed the existence of several initiatives in all sectors, and the focus is on culture, sports, digital and financial services, and trade.

For his part, British Investment Minister Dominic Johnson revealed the participation of 70% of British companies in the event, pointing to the significant and dynamic development in “Vision 2030” led by Saudi Crown Prince and Prime Minister Prince Mohammed bin Salman bin Abdulaziz.

He added that the Kingdom's economy has been able to achieve tremendous growth since 2017 until now, and has grown by 68%, anticipating further growth in the next phase, up to the year 2030.

Johnson continued: “I believe that the United Kingdom can play a huge role in achieving (Vision 2030) in a way that benefits both countries, and puts us on the right path to deepening that relationship over the coming generations.”

Johnson stated that his country has great experience in the field of financial and legal services, focusing on three areas in which cooperation can currently be achieved, the first of which is technology and artificial intelligence, and the second is the education sector, and that there should be 10 British schools in Saudi Arabia, while the third area is in health care.