Britain and Saudi agree $90 billion trade deal

By March 8, 2018News

Britain and Saudi Arabia have agreed to £65 billion worth of deals over the next few years through trade and investment.

“The meeting agreed a landmark ambition for around £65 billion of mutual trade and investment opportunities over the coming years, including direct investment in the UK and new Saudi public procurement with UK companies,” a spokeswoman from Prime Minister Theresa May’s office said in a statement.

“This is a significant boost for UK prosperity and a clear demonstration of the strong international confidence in our economy as we prepare to leave the European Union.”

British Prime Minister, Theresa May, had discussions with Crown Prince Salman on bilateral relations.

In a statement, the Saudi delegate said the Kingdom was an important destination for British companies.

“There are almost 200 joint ventures that are currently valued at £11.5 billion, including the British bank HSBC and Marks & Spencer and Jaguar Land Rover.”

The statement also reported that along with being in the world’s 20 largest economies, it is also the third fastest growing market for British exports and imports.

“The Kingdom hopes that British companies will be able to take advantage of the profound changes that occur after the completion of Britain’s exit from the European Union negotiations.”

The statement reported that British trade relations with Saudi Arabia exceeded £2.3 billion in the last five years.

Additionally, the estimate of trade in goods and services in 2016 was £9 billion.

“After Britain’s exit from the European Union, there will be huge opportunities for Britain as a result of the 2030 vision,” the statement explained.