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Saudi-British Business Council Launches Joint Ventures in Renewable Energy, Entertainment

Saudi-British Business Council Launches Joint Ventures in Renewable Energy, Entertainment

The Saudi British Joint Business Council (SBJBC) said joint ventures in various sectors, including renewable energy and entertainment, are set to be launched later this year.

Saudi Co-Chair of the Council Sheikh Nasser al-Mutawa indicated that the British Department for International Trade confirmed its support for the Council and stated that British companies are ready to work in the Saudi market.

Speaking to Asharq Al-Awsat, Mutawa added business delegations with the participation of over 60 companies and officials from both countries have recently held meetings in London.

He pointed out that the talks included the integration of teams formed in line with the joint statement issued during the visit of Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, to Britain in March 2018.

The co-chair indicated that the meetings reviewed the results of the programs and events that took place over the past five years and agreed on the follow up mechanism.

The Saudi delegation made a presentation on developments in various Saudi sectors since the announcement of Vision 2030.

Mutawa explained that the British delegation made a briefing on Brexit and UK’s separation from the EU, and reviewed cooperation between the two countries in the projects of Vision 2030 and in light of the agreements signed between the two parties.

The latest meeting discussed the results of events organized by the Council, including the Renewable Energy Symposium held in Riyadh, the Entertainment Projects Symposium, which was also held in the Saudi capital, the Entertainment Projects Symposium held in London, and the projects and events to be adopted during the second half of 2019.

Through the partnership strategy adopted by the Business Council, the UK aims to support Saudi projects and its future programs in all stages and in various fields through the transfer of expertise, knowledge and technologies, according to Mutawa.

Trade exchange between the two countries has reached about $13 billion, noted Muatawa.

The chairman said the next decade would see joint investments worth $100 billion.

There are 6,000 British companies dealing with Saudi Arabia and 200 joint-stock firms worth £11.5 billion, amid expectations for an increase in joint investments and trade in 2019.