SBJBC hosted a roundtable meeting with Saudi Finance Minister HE Mohammed Al-Jadaan and his delegation in London on 19 December. The Minister was accompanied by Assistant Minister Abdulmuhsen Alkhalaf and the CEO of the National Centre for Privatisation & PPP, Mohannad Basodan. HRH Prince Khalid bin Bandar, Saudi Ambassador, also joined the meeting.
The Minister briefed leading SBJBC UK members on the progress of economic and financial reforms in Saudi Arabia and the support available to investors. He noted the encouraging 5.9% growth in private sector GDP in 2022, the lowest unemployment in 20 years, low inflation of 2.2% and the substantial increase in female participation in the workforce from 16% prior to Vision 2030 to 36% now.
It was noted that the investment environment was much improved and that the manufacturing, mining and technology sectors had all recorded strong growth. A Privatisation & PPP process was underway with 22 deals completed in the last year and an ambitious project pipeline. Useful lessons had also been learned from UK best practice.
The Minister received an update on SBJBC plans for 2023 and responded to questions from members. It was agreed that there was good potential for increased UK/Saudi trade building on recent strong investment growth and the negotiations underway for a UK/GCC Free Trade Agreement
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