International Trade Secretary Dr Liam Fox MP recently signed a US$ 2 billion UK Export Finance (UKEF) line of credit with Saudi Aramco.
Saudi Arabian General Investment Authority (SAGIA) has launched a entrepreneur licence allowing new companies to benefit from small and medium enterprise services and incentives.
Crown Prince Mohammed bin Salman has approved plans to develop an ambitious new tourism project between the cities of Umluf and Alwajh on Saudi’s Red Sea coast backed by the Kingdom’s Public Investment Fund.
The project is in line with Saudi Vision 2030 which seeks to diversify the economy and increase tourism industry employment. It is reported that the developed area will cover some 34,000 square kilometres, and be governed by laws in line with “international standards.”
Construction of the new resorts is due to start in late 2019. The first phase of the project including a new airport and luxury hotels and housing is due to be completed by the end of 2022.
SBJBC UK has been informed by UK Trade & Investment of its accreditation as a Trade Challenge Partner, having met the criteria for this at Level 1 of the process.
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’.