The Deputy Prime Minister of the UK, Oliver Dowden, has stated his country’s commitment to joining forces with Saudi Arabia in sectors like green hydrogen, clean hydrogen, and carbon capture, utilization, and storage (CCUS).
His interest, shared with Saudi news outlet Asharq Al-Awsat, leans towards the mutual exploration of the renewable energy sector. “Saudi Arabia is becoming an innovative hub for multiple lifestyle improvements, from renewable energy to health-conscious living,” voiced Mr. Dowden.
During the interview, several truths were revealed:
Q: What will the GREAT FUTURES event in Riyadh facilitate, and why is it significant?
Saudi Arabia’s socio-economic and cultural metamorphosis is a marvel in the current world scenario. The country now undertakes a number of large-scale initiatives, including five giga projects amounting to an investment exceeding three trillion by 2030. This is all under the umbrella of your ‘Vision 2030.’
The UK wishes to participate in ‘Saudi Vision 2030’, rather than just being supportive of it.
In pursuit of this, I am leading the largest ever UK business delegation to Saudi Arabia, consisting of over 400 business delegates. The team includes leading figures in UK finance, business, and culture. We aim to facilitate cooperation and joint investments across education, culture, business, and finance.
The ‘Strategic Partnership Council’ I am co-chairing with Minister Al Qasabi acts as a cornerstone of our Kingdoms’ relationship, established in 2018. The upcoming two-day GREAT FUTURES conference will open dialogue about investments in ground-breaking tech and critical minerals, in addition to considerations of a free trade agreement between the UK and the Gulf Cooperation Council.
The steps we are talking about are no longer symbolic but actual plans that the UK is proud to stand by. This not only testifies to the UK’s steadfastness in aiding Saudi’s transition, but also signifies the creation of inroads for British businesses into the Kingdom, fortifying our valuable relationship.
Q: What announcements can we expect at GREAT FUTURES?
Recent reports highlight that UK has received investments of over £16.8 billion from Saudi Arabia since 2017.
Beside these numbers, I plan on announcing numerous new mutually beneficial investments across financial services, culture, education, and other sectors. Also, the renewal of a Memorandum of Understanding with Saudi Arabia that looks at further investments will be signed by the United Kingdom. A perfect example includes The University of Strathclyde’s plan for cooperation with Saudi counterparts, a new ripple in expanding institutional partnerships in the region, with now 40 such higher ed partnerships between our Kingdoms agreed upon.
We are enthusiastic about both our Kingdoms working together in technology developments, particularly in clean energy innovations and healthy living habits.
Q: What makes Saudi a suitable business partner?
Our solid trade ties and institutionalized business customs make Saudi an attractive business market, being the 20th largest UK export market with a total of £11.7 billion in exports up until Q2 2023.
This collaboration is mutually beneficial, enabling both countries to profit from investments, export growth, tourism, and collaboration in both directions.
Q: What will be your focus in AlUla?
As a former Culture Secretary, I am seriously considering culturally rich areas for collaboration and am looking forward to my visit to AlUla, a site of beauty and historical significance. This visit is set to facilitate further cultural exchanges between the two Kingdoms.
Q: Is it not more challenging now to conduct business in the UK due to regulatory measures?
The UK remains a staunch champion of open markets, through its National Security & Investment Act, and appreciates the significant beneficial nature of foreign investments. However, due diligence is necessary in sections sensitive to national security.
The National Security and Investment Act equips us to strike this balance. Our goal: ensure investment growth while implementing protective measures where necessary.
Q: What implications does the UK-Saudi partnership have on regional stability?
The UK-Saudi alliance, rooted in close trade, military, and diplomatic cooperation, is crucial in conflict resolution by mitigating regional threats and steering towards increased regional stability.
