Following the success of our SME Tech Forum in London last April, SBJBC will be leading a UK Technology & Smart Cities Delegation to Jeddah and Riyadh from 18-21 November 2018.
The mission has the support of the Saudi Arabian General Investment Authority and the Department for International Trade. SBJBC will be arranging a high level programme with key industry and governmental stakeholders including SAGIA, Saudi SME Authority and the Ministry of Communications and IT. Meetings with leading innovation hubs and business to business roundtables will be included.
With high demand for digital services and the recent launch of SaudiFintech and E-Government initiatives, Saudi Arabia hosts the largest ICT market in the region. Smart City initiatives have been launched in different sectors and Saudi Arabia is keen to access innovative UK expertise as it seeks to modernise and diversify its economy.
To register interest please click here. Further details of the programme and costs are available on request. Registrations will close on 14 September.
The Saudi British Joint Business Council hosted a very well attended workshop in London on 17 July on ‘Doing Business in Saudi Arabia’ supported by British Offset.
The workshop included presentations and panel sessions on current business opportunity sectors in Saudi Arabia and the support available to exporters and investors. The day began with a great presentation made by Omar Rebhan (Business Development Manager, SAGIA) who updated delegates on Vision 2030 implementation and recent reforms to improve the business environment and attract investment. This was then followed by two panels, the first consisting of Saudi and British representatives from the education & skills, clean energy, creative industry and technology sectors, and the second including financial, legal and business organisations, who addressed the aspects of exporting to and investing in Saudi Arabia.
BMG Financial Group in Jeddah organised a well attended Economic Forum at the London Stock Exchange on 11 July. LSEG Chairman Donald Brydon gave the opening speech and panellists discussed investment opportunities in Saudi Arabia and the UK in the context of Vision 2030 and Brexit. SBJBC UK Executive Director Chris Innes-Hopkins addressed the forum and also gave an interview to Arab News on new opportunity sectors and recent SBJBC initiatives. The event was followed by a SAGIA hosted event at the Shard on 13 July to promote the Saudi Fintech programme to UK technology companies and funds.
SBJBC Board members Chris Innes-Hopkins and Jan Ward joined a panel at GTR’s 2018 Trade and Export Finance Conference on ‘Achieving greater UK engagement with the Gulf’. Current governmental and SBJBC initiatives to increase UK two-way trade and investment with Saudi Arabia and the wider Gulf were discussed. Over 500 delegates from across UK industry attended the conference which included a focus on new export opportunities and government support mechanisms.
The Saudi British Joint Business Council (SBJBC) hosted an ambitious partnership forum which brought together some 100 Saudi and British SMEs, investors, business incubators and supporting organisations in the smart cities, fintech and e-commerce sectors in London on 24 April.
Supported by Saudi British Bank, Mishcon de Reya and Al Mojel Group, the forum was held at Level39 in Canary Wharf, Europe’s leading centre for finance, cyber security and smart- city technology businesses.
High level panel sessions focussed on the development of successful SME ecosystems in both countries as well as SME access to finance and mentoring. Afternoon workshops addressed the opportunities in both markets and the support available. Agreed follow up actions include the possible establishment of a Saudi-UK Tech Hub, and an SBJBC led mission to Saudi Arabia in November 2018 for UK tech entrepreneurs.
Speakers included: Ben Brabyn (Head of Level39), Dale Millar (Adviser to Saudi Minister of Communications & IT), Ali AlSaif (General Manager Strategic Partnerships, Saudi SME Authority), Kevin Cullen (Vice President Innovation, King Abdullah University of Science & Technology (KAUST) ) and Julian David (CEO Tech UK).
The 50 strong Saudi business delegation visited Oxford University on 25 April including discussions with the Industrial Partnerships and Innovation Team, and visits to the Institute of Biomedical Engineering and the Oxford Centre for Islamic Studies.
SBJBC UK Chair, Baroness Symons chaired the high profile Saudi-UK CEO Forum at Mansion House in The City of London on 8 March. Some 400 leading Saudi and British business representatives participated, including a large number of SBJBC members. The event coincided with the visit to the UK by Crown Prince Mohammed bin Salman, during which a number of strategic and commercial partnerships were signed.
The forum was opened by The Lord Mayor of The City of London, Charles Bowman, following which the Saudi Minister of Commerce and Investment, HE Dr Majed Al Qusabi and the Secretary of State for International Trade, Dr Liam Fox MP, addressed delegates. Panel discussions focussed on Saudi Vision 2030 implementation challenges and opportunities, Women in leadership and Saudi Giga-Projects including; NEOM and Red Sea Tourism.
SBJBC looks forward to building on the momentum of the visit to help generate meaningful partnerships in education, healthcare, technology, innovation and energy sectors.
The Saudi British Joint Business Council (SBJBC) met in a special session in London on 7 March 2018 on the occasion of the visit to the UK by HRH Prince Mohammed bin Salman, Crown Prince, Deputy Prime Minister and Minister of Defence of Saudi Arabia.
HE Dr Majed Al Qasabi, Minister of Commerce, HE Mohammed Al-Tuwaijri, Minister of Economy & Planning and HE Eng. Ibrahim Al Omar, Governor of the Saudi Arabian Investment Authority (SAGIA) attended the meeting and updated members on recent reforms.
They drew attention to a number of initiatives that SBJBC had already taken to promote
knowledge and business exchange in key Vision 2030 sectors including privatisation
and SME development, and agreed the following:
• Memorandum of Understanding between Council of Saudi Chambers,
British Chambers of Commerce and SAGIA to facilitate two-way trade and
• Memorandum of Understanding between SBJBC UK and Institutional
Investor to promote deal flow and knowledge exchange in technology sector
investing between both countries
• Further actions in support of SME development including SBJBC’s third SME
Partnership Forum in London on 24 April to bring together innovative Saudi
and British SMEs in smart cities, fintech, cyber security and e-commerce with
investors and supporting organisations.
Registration is now open for our 3rd Saudi/UK SME Forum. The Forum will be held at Level39 in London on 24 April and will focus on smart cities (including AI and IoT), fintech, cyber security and e-commerce. It is free to attend but places are limited and subject to pre-selection.
Representatives of some 50 innovative British and Saudi companies will be selected in line with the following target sectors: Smart Cities (including AI and IoT) Cyber security, Fintech and E-commerce. A substantial Saudi business delegation, including investors, will also participate in the morning panel sessions and afternoon business roundtables.
The purpose of the forum will be:
– To provide a platform for selected Saudi and British tech companies to present projects, meet investors and discuss potential partnerships.
– To hear about the opportunities in both markets and make participants aware of support available for SMEs.
– To exchange experience in the developments of successful SME ecosystems and access to finance and mentoring.
To register interest please complete the form here. Registration will close on 6 April, and companies will be informed if their application has been successful shortly after. A provisional programme is now available.
Saudi Arabian General Investment Authority (SAGIA) has launched a entrepreneur licence allowing new companies to benefit from small and medium enterprise services and incentives.
The scheme comes follows the unveiling of a $19.2bn stimulus package for the private sector in December which includes $426.6m for indirect lending to SMEs, $746.5m for an SME investment fund and $1.86bn to refund government fees paid by new SMEs.
SAGIA said the licence would incentivise and support entrepreneurs with Saudi projects approved by universities or business incubators inside the kingdom.
To meet the criteria entrepreneurs have to submit articles of association of the company and an acceptance letter from a Saudi university or one of the approved business incubators. The licence is also open to residents in the kingdom provided they receive a no objection letter from their employer or sponsor.
The authority will work with the Small and Medium Enterprises Authority to support projects in the kingdom and reduce obstacles faced by entrepreneurs. In October, the kingdom’s sovereign wealth fund launched a SAR4bn ($1.07bn) “fund of funds” to support the growth of SMEs. This aims to boost access to capital with the goal of creating 2,600 jobs and contributing SAR400m ($106.7m) to GDP by the end of 2020.
Dr Ahmed Al Fuhaid, Governor of the Technical Vocational Training Corporation (TBTC) and Dr Fahd Al Tuwaijari, CEO Colleges of Excellence gave an update on the ambitious International Technical Colleges (ITC) programme in Saudi Arabia in London on 22 January.
Of the 31 technical colleges so far established (17 female and 14 male), 50% of these are managed by UK training providers under turnkey contracts. 18% of high school graduates (approx 170,000) are currently in technical training, and the objective is to raise this to 40%. 10 new strategic training partnerships are being established, and requests for proposals for nine new ITCs are expected to be invited shortly. Total investment over 5 years is expected to reach $4.2 billion.
The Saudi Renewable Energy Project Development Office (REPDO) has announced tenders for some 4 gigawatts of solar and wind power projects in 2018, as part of its plan to supply 9.500MW or 10% of Saudi power demand from renewable sources by 2023.
Turki Al Shehri, Head of REPDO joined a panel session at the World Future Energy Summit Conference in Abu Dhabi on 16 January chaired by SBJBC member Florence Eid, and organised by Reed Exhibitions of the UK. SBJBC Executive Director Chris Innes-Hopkins visited the event and met with Saudi and British exhibitors to discuss cooperation opportunities.
The Kingdom has introduced a 5% VAT levy from 1st January 2018 applied to the majority of goods and services. These include petrol and diesel, food, clothing, utility bills and hotel rooms which will all now have VAT applied. VAT will apply at the standard rate of 5% unless the supply is specifically exempt or zero rated.
On December 19th the Government announced an expansionary fiscal budget for 2018, it plans for the largest ever budgeted expenditure of SR 978 billion, compared to SR 890 billion in 2017. Its priorities remain consistent with defence & security, education, healthcare and economic resources making up 77% of allocations.
Non-oil revenue is planned to reach SR 291 billion in 2018, showing a growth of 37%. Rises in non-oil revenue will come from a number of areas, including increased expat dependant fees and expat levies, the introduction of VAT and improvements in the investment income due to PIFs more active approach in managing sovereign wealth.
GDP growth is estimated to reach 2.7% in 2018, following -0.5% negative growth in 2017. Over coming years the debt to GDP ratio will not be allowed to exceed 25%.
Following SBJBC’s biannual meeting in Jeddah on 28 November, an SBJBC delegation visited the prestigious King Abdullah University of Science and Technology (KAUST) and the nearby King Abdullah Economic City (KAEC).
At KAUST the delegation was briefed by the entrepreneurship and innovation centre on their accelerator and mentorship programmes (including “Taqadam” sponsored by SBJBC member Saudi British Bank), which resulted in 48 business start-ups last year. KAUST is a fully coeducational campus with 70% foreign and 30% Saudi students and with impressive research partnerships.
At KAEC, the delegation visited the newly established Prince Mohammed bin Salman College of Business and Entrepreneurship, and received an update on the investment incentives available to companies locating to KAEC – the nearest Saudi equivalent to a free trade zone. The new free port is fully operational, and some 100 companies have invested in the industrial zone. The day ended with a visit to the brand new 18 hole Royal Greens Golf Club at KAEC and new residential developments.