RIYADH: Saudi Arabia presents significant opportunities for UK businesses, including the potential for dual listings on the London and Riyadh stock exchanges, according to British Minister of Investment Poppy Gustafsson. Speaking with Arab News at the Capital Markets Forum in Riyadh, Gustafsson emphasized the long-standing economic ties between the two nations and the shared ambition to strengthen investment and trade links. Gustafsson underscored the importance of educating UK businesses about the advantages of accessing Saudi Arabia’s commercial and trading markets through dual listings. This comes as Saudi Arabia and the UK reaffirmed their commitment to strengthening economic ties and boosting bilateral trade to £30 billion ($37.5 billion) by 2030 during UK Prime Minister Keir Starmer’s visit to the Kingdom in December. “There’s a huge opportunity for UK businesses to sell their products in Saudi Arabia and access that market more effectively,” she said. “I’m here to articulate not just why governments want these partnerships, but what the benefits are for businesses.” The UK and Saudi Arabia have already established a governance framework to facilitate economic cooperation, including a recently refreshed memorandum of understanding and the Strategic Oversight Board. “The governance structure is in place, and the next phase is to translate these agreements into tangible outcomes, whether through increased investment, trade, or dual listings,” she said. Fintech is one sector seeing strong bilateral engagement, with British companies actively exploring opportunities in Saudi Arabia. Gustafsson cited the success of a British fintech firm that won a Saudi competition, as well as broader UK expertise in the sector. “British fintech companies are recognizing the potential here and establishing offices in Saudi Arabia. That’s beneficial for both sides,” she said. “My role in the UK is to support both investment into the UK and investment out of the UK into other regions, whether that’s Saudi Arabia or elsewhere,” Gustafsson said. “We have a long historic relationship, and being here (in Saudi Arabia) feels like we are among friends. The goal is to build on that history to solve modern problems and drive growth across both of our nations.” The UK and the Gulf Cooperation Council are negotiating a free trade agreement, which is expected to increase trade between the UK and Saudi Arabia by approximately 18 percent. Gustafsson highlighted past efforts to deepen commercial ties, citing last year’s Great Futures Conference, where the largest UK trade delegation in a decade brought 450 British companies to Saudi Arabia. “A lot of investments came off the back of that,” she said, adding that improved e-visa processes and new direct flights are further facilitating business exchanges. A key focus of the forum was capital market collaboration, particularly in enabling British companies to pursue dual listings in Saudi Arabia and vice versa. “The UK has a great heritage in financial institutions and a strong stock exchange, while Saudi Arabia has a rapidly growing domestic market,” Gustafsson noted. “By sharing expertise, we can create opportunities for British companies to dual list or for Saudi companies to raise debt in the UK.” Islamic finance is another key area of collaboration. “The UK has been innovative in capital markets, particularly in structuring Islamic finance products,” she said. “London has traditionally been the main hub for raising debt financing, and fostering an innovation ecosystem requires businesses to access capital markets effectively,” the minister said. “Saudi Arabia is working closely with the London Stock Exchange to expand its offering and deepen its market liquidity, ensuring best practices and knowledge-sharing between our two financial hubs,” she added.