UK firms have reported that being exposed to the Saudi market has been a ‘turbo charge’ for their companies RIYADH: Bilateral trade between Saudi Arabia and the UK increased 68 percent in the last year, amounting to $17 billion, according to the chairwoman of the Saudi British Joint Business Council. Speaking to Arab News, Jennie Gubbins said this “phenomenal growth” is indicative of a relationship that is “better than ever” and constantly improving between the two Kingdoms. The increase in trade cannot be attributed to the oil sector alone, the chairwoman instead, pointing to the effectiveness of the Kingdom’s economic diversification efforts and the development of other industries, primarily in the tech field. She said:“This is just a really exciting time. The relationship between Saudi Arabia and the UK, I think, is better than I"ve ever seen it, and I"ve been working between the UK and the Middle East for a long time.” Led by the council, the UK launched a fintech mission to Saudi Arabia where a delegation of 25 members flew to Riyadh to meet with their Saudi counterparts. The mission was deemed an “amazing success” by the chairwoman, as it shed light on the growing scene in Saudi Arabia. FASTFACT The increase in trade cannot be attributed to the oil sector alone, the chairwoman said, pointing to the effectiveness of the Kingdom’s economic diversification efforts and the development of other industries, primarily in the tech field. As the Kingdom aims to become a hub in the region for fintech companies, UK firms have reported that being exposed to the Saudi market has been a “turbo charge” for their companies. “People who don’t know what’s going on in Saudi Arabia think maybe it’s oil stuff but it’s all about – what we and our members are seeing – it’s a huge growth in the technology (sector). Things like clean tech, fintech, health tech, huge interest in all of those things,” Gubbins said. Reflecting on a similar mission carried out in 2022, Gubbins said the 25 people in the delegation have been vocal regarding the boost it gave their companies. “They"ve got amazing access, they’ve got a better understanding of the market and how it works. And it was such a success … some of the people who came with us last March have come back with much, much better businesses than they went with. So they opened in Saudi Arabia, they"ve been applying for licenses, they"ve been talking to investors … We’re actually repeating it in January with a different group,” she added. Roxana Mohammadian-Molina, chief strategy officer of the council and member of the board of the fintech blend network, told Arab News that the UK’s establishment of a multitude of hubs in the Kingdom continues to grow the symbiotic relationship between the two nations. We’ve taken Vision 2030 as a bit of a blueprint for what’s important in this because clearly whatever we can do that aligns our membership with Vision 2030. Jennie Gubbins, Saudi British Joint Business Council chairwoman “This is the key moment, for both Saudi Arabia and for the UK, post-Brexit, post-COVID. And given the current geopolitical situation and for Saudi Arabia as well, trying to become a regional hub in many fronts in fintech but also in green energy and in so many other sectors,” Mohammadian-Molina said. “And I think it is the time to really step up our support for each other. Obviously, the relationship between the two Kingdoms, you know, dates back 100 years, but now it is time to set up and to step up our collaboration and really be able to support each other in achieving our goals,” she added. The council utilizes Saudi Arabia’s Vision 2030 as a “blueprint” for areas to focus on as it continues to grow. The initiative was deemed “the UK’s vision also” by Britain’s Deputy Prime Minister Oliver Dowden at the Future Investment Initiative in Riyadh in October, a notion which Gubbins affirms. “We"ve taken Vision 2030 as a bit of a blueprint for what"s important in this because clearly whatever we can do that aligns our membership with Vision 2030,” the chairwoman said. Saudi Arabian mega-project NEOM held an opening for its first international office to be located in London this week, an event which was attended by Dowden. Gubbins outlined that this decision does not come entirely as a surprise. “In terms of nationals working within NEOM the biggest national group was the Saudis, but the second biggest was the British, which you could think is really important,” the chairwoman said. As the first international NEOM office, the UK will also serve as a base for the giga-project’s operations across Europe. “I think that it’s very exciting and it’s something I really feel proud of as a Brit. Clearly, they haven’t done it by accident. They’ve done it because, whether it’s because of the pools of talent or whether that’s because of the access to other skills within the UK market, that’s obviously a good reason to be here. And it’s great to see,” she added. The chairwoman further outlined the council’s role in and the importance of “demystifying” the Kingdom to investors and business alike, noting that perceptions of the country are often “five years back” compared to the realities that are witnessed on the ground. She further stated that the body has been stressing the need for companies to establish their regional hubs in Saudi Arabia, noting that the rate of change in the Kingdom is “phenomenal” and can be constantly felt. Among their efforts, the council is holding a session next week aimed at companies who are looking to conduct business within the Kingdom but need a push on how or where to start. “The rates of change in Saudi Arabia is so phenomenal. Even just a few months between trips, you can see some changes. It’s incredible. So part of our role is about demystifying Saudi Arabia in the UK market,” Gubbins said. Looking to the future, both women called on the coming generation of young business leaders from both countries to lead the charge. The council aims to keep growing, and further nurture the blossoming relation between the Kingdoms, highlighting the role of diversity in both age and gender. As the Saudi female workforce continues to grow and take a prominent role in the tech scene, the council aims to ensure that its membership is reflective of these growing numbers. “In the young companies that we visited you wouldn’t really think that you were in Riyadh. You would feel that you are in the city of London (with) all those energetic female entrepreneurs. And this is something that is something that we want to reflect more in the current changes that are happening in the council,” Mohammadian-Molina said. She added that the UK-Saudi relationship is at a “very important” moment, as Britain seeks to follow the Kingdom’s Vision 2030 blueprint.