On 3 September 2025, Business and Trade Secretary Jonathan Reynolds and Saudi Minister of Commerce H.E. Dr. Majid Al-Kassabi co-chaired the fifth meeting of the Economic and Social Pillar of the Saudi-UK Strategic Partnership Council during the GREAT FUTURES summit in London.
The Kingdom of Saudi Arabia and United Kingdom Strategic Partnership Council: Economic and Social Pillar Joint Statement - GREAT FUTURES - London | September 3, 2025
The Saudi-UK Strategic Partnership Council, established in March 2018, is co-chaired by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, and Sir Keir Starmer, Prime Minister of the United Kingdom. The Council aims to develop and strengthen bilateral relations; and is structured into two pillars: defense, security, and political; and economic and social. The Economic and Social Pillar is co-chaired by H.E. Dr. Majid Al-Kassabi, the Saudi Minister of Commerce, and the Rt Hon Mr. Jonathan Reynolds, the UK Secretary of State for Business and Trade.
The GREAT FUTURES yearlong campaign is an economic and social initiative of the Council that serves as a key driver for promoting shared economic priorities, advancing strategic initiatives, highlighting shared successes, and accelerating economic growth. The campaign was launched in Riyadh in May 2024 and held its flagship summit today in London. Since its inception, a series of events have been held across 13 growth sectors, achieving significant two-way investment deals and creating jobs in both Kingdoms.
The Economic and Social Pillar co-chairs conducted their fifth meeting during the GREAT FUTURES summit, during which they expressed their pride in the tangible progress made in cooperation since the initiative's launch last year. The two leaders announced a new Saudi-UK Strategic Partnership, building on the synergies between the UK's modern Industrial Strategy and Saudi Vision 2030, designed to turbocharge collaboration, trade and resilience in priority sectors under the Economic and Social Pillar. This partnership started during the summit and the co-chairs agreed to review detailed implementation plans at regular intervals to ensure effective implementation and successful delivery with a focus on five strategic priority areas:
1. Financial Connectivity: an accelerated roadmap to increase connectivity between UK and Saudi financial Centers, this collaboration focuses on unlocking growth capital for investment in priority sectors, aligning policies in capital markets, fintech, sustainable finance, insurance and Pension, and carbon market trading. Furthermore, the UK and Saudi Arabia reaffirmed collaboration to enhance the investment appeal of both markets.
2. Life Sciences and HealthTech: strengthen collaboration between the Kingdom of Saudi Arabia and the United Kingdom in life sciences and biotechnology, uniting shared ambitions for innovation, economic growth, and global health leadership.
3. Industrial Growth: a framework for driving industrial advancement, cooperation in Fourth Industrial Revolution technologies, advanced composite materials, sustainable materials, and critical mineral supply chains.
4. Creative Industries: strategic cooperation to foster cultural and creative exchange, boost innovation and talent development, while supporting major events such as the 2034 World Cup and Expo 2030.
5. Driving Innovation in Education: collaboration in the evolving landscape of education technology, bringing digital skills and AI technologies into curriculum innovation, digital learning, and future skills development in priority sectors.
Building on these shared ambitions and forward-looking plans, the Economic and Social Pillar has already succeeded in transforming the plans into tangible outcomes and achievements with a profound impact. The most notable achievements include the following:
Trade, Investment, and Financial Services: Both sides noted exceeding £16 billion of bilateral trade in 2024 and reaffirmed the goal of reaching £30 billion by 2030. Negotiations of the free trade agreement between the United Kingdom and the Gulf Cooperation Council countries have also witnessed remarkable progress, with 8 negotiation rounds completed. The two sides welcomed major Saudi investment into the UK, and the launch of British companies' regional headquarters in Saudi Arabia. Both leaders reaffirmed their commitment to collaborate in attracting more investments in the priority sectors.
Education, Innovation, and Healthcare: The two sides commended the licensing of 9 British schools, with a goal of 10 schools by 2025. They also welcomed the licensing of 2 British universities to open branches in Saudi Arabia. Both sides also highlighted the outcomes of the Saudi-UK Future Skills initiative, held under the GREAT FUTURES yearlong campaign, which resulted in the signing of 7 agreements and memoranda of understanding in the fields of education, technical and vocational training, skills development, and the launch of joint executive programs that contribute to bridging future skills gaps. Building on their shared commitment to advance the transformation of the healthcare sector, the two sides celebrated the establishment of the first UK nursing college in Saudi Arabia. In addition, the two sides emphasized the implementation of the memorandum of understanding between the Saudi Research, Development, and Innovation Authority and the UK Department for Science, Innovation and Technology to support joint innovation and research projects.
Energy, Industry, Transport, Mining and Environment: The Economic and Social Pillar witnessed pioneering projects in the fields of clean energy and hydrogen. In the mining field, an agreement was signed to collaborate in securing critical mineral supplies, exchanging expertise in mining operations and modern technologies. The two sides also aimed to encourage British investment in Saudi mining, chemicals, and biotechnology sectors. As part of strengthening efforts in the transportation sector, the two sides agreed to activate the memoranda of understanding in the fields of air transport, railways, and the future of mobility. In addition, cooperation in the environmental field was advanced with the signing of memoranda of understanding to implement joint projects in marine environment protection, meteorology, and climate change.
Culture, Sports, and Tourism: The two sides agreed on the importance of strengthening cultural cooperation across various sectors, under the Memorandum of Understanding signed between the Ministry of Culture of the Kingdom of Saudi Arabia and the United Kingdom's Department for Culture, Media and Sport. They also agreed to promote joint work between cultural institutions and entities, and to support participation in international cultural and artistic events held in both friendly countries. Since the launch of the electronic visit visas in both Kingdoms tourism between the UK and Saudi Arabia has grown significantly, with over 750,000 visitors traveling between the two countries in 2024 reflecting strong cultural ties. Both sides commended the ongoing partnership in the sports sector between the Ministry of Sports, represented by Leaders' Development, to enhance academic development through joint sports research and training, including women's empowerment initiatives. The two sides are also working on several strategic partnerships aimed at developing sports infrastructure and programs, enhancing Saudi Arabia's preparation to host major sport events, and transferring leading British expertise in this field. The areas of cooperation included signing a Memorandum of Understanding to develop the Esports sector between the two countries' Esports federations.
In this context, both sides praised GREAT FUTURES as a key platform for aligning perspectives, fostering partnerships, and strengthening public-private sector engagement. The summit also presented an opportunity to highlight successful projects and explore new horizons for future cooperation.
