Prince William's visit to Saudi Arabia: A strategic partnership and an economic future
The visit of Prince William, the Prince of Wales, to the Kingdom of Saudi Arabia is of exceptional importance at a critical juncture marked by global geopolitical and economic shifts. This visit underscores the deep historical ties between Riyadh and London and reflects the high regard the British government holds for the Kingdom's political standing and economic influence under the leadership of the Custodian of the Two Holy Mosques and His Royal Highness the Crown Prince – may God protect them both.
Historical roots and a renewed strategic partnership
This visit cannot be viewed in isolation from the long-standing historical context of Saudi-British relations, which span more than a century. The visit of His Royal Highness Crown Prince Mohammed bin Salman to the United Kingdom in 2018 marked a pivotal turning point, during which the "Saudi-British Strategic Partnership Council" was launched. This council was not merely a diplomatic protocol; it has become the most important institutional framework governing bilateral relations, propelling them toward broader horizons encompassing political coordination, security cooperation, and a sustainable economic partnership.
Economic leaps and record numbers
On the economic front, this partnership has yielded tangible results, as evidenced by the figures. Bilateral trade witnessed growth exceeding 30% between 2018 and 2023, reaching a record high of $103 billion. Recent data indicates that this momentum is continuing, with trade in 2024 reaching approximately $7.67 billion, representing a 13% increase compared to the previous year. The two kingdoms aspire to increase bilateral trade to $37.5 billion by 2030, supported by the Kingdom's Vision 2030, which London views as a tremendous investment opportunity and an unprecedented national transformation project.
The "GREAT FUTURES" initiative and investment expansion
As part of efforts to strengthen cooperation, the Great Futures initiative emerged as a key platform bringing together business leaders from both countries, witnessing the signing of 38 agreements with a total investment value of SAR 20 billion. This economic momentum coincides with close collaboration between the Public Investment Fund (PIF) and UK Export Finance (UKEF) to enhance the presence of British companies in the Saudi market, with the stock of British direct investments in the Kingdom reaching $17.3 billion in 2024.
Cooperation in the fields of the future and defense
The partnership transcends traditional aspects to encompass future sectors; the two sides have signed significant memoranda of understanding in the fields of artificial intelligence, space science, and advanced technologies. The defense partnership also remains a cornerstone, with both countries working to develop defense capabilities and localize military industries to serve regional security and stability.
In the area of sustainability, Riyadh and London are leading global efforts in the fields of green hydrogen and carbon capture technologies, making their partnership a model to be emulated in the transition towards clean energy and achieving zero neutrality, in parallel with the Kingdom’s commitment to ensuring the stability of global energy markets.
