Businessmen and representatives from the private sector in Saudi Arabia and Britain signed three agreements on the sidelines of the Saudi-British Business Council meetings, which opened in London yesterday.<\/p>\n
The first agreement was signed between Gulf Miles and a British law firm to invest 30 million pounds sterling in the real estate sector in London. The second agreement included the establishment of a company specialized in the field of education, with a capital of 10 million riyals, to organize training courses in major companies for Saudi graduates from British universities.<\/p>\n
The third agreement came between Ajlan Global and a British company to establish a factory in Saudi Arabia to localize the local industry in the solar energy sector.<\/p>\n
The meeting was opened by Dr. Tawfiq Al-Rabiah, Minister of Commerce and Industry, in the presence of Prince Mohammed bin Nawaf bin Abdulaziz, Saudi Ambassador to the UK, and Assistant Secretary of State for Defense, Lord Astor.<\/p>\n
Speaking at the opening of the meeting, Al-Rabiah explained that Saudi Arabia is one of the largest countries in the Middle East in attracting foreign direct investment.<\/p>\n
He added that UNCTAD statistics show that the volume of these investments in the last five years amounted to $141 billion. These foreign direct investments, along with $718 billion in government spending in the same period, have fueled continued economic growth, he said.<\/p>\n
The Saudi Minister of Commerce and Industry praised the good performance of trade between Saudi Arabia and Britain, which reached $16 billion in 2012. Saudi exports to Britain increased by 60 percent to $3.7 billion.<\/p>\n
Lord Astor also spoke about the growth of trade relations and the opportunities available in both countries for investors.<\/p>\n
The meeting was attended by Baroness Simons, head of the British side of the Saudi-UK Business Council, Engineer Nasser Al-Mutawa, head of the Saudi side, as well as other members of the council.<\/p>\n
Dr. Tawfiq Al-Rabiah, in the presence of Prince Mohammed bin Nawaf bin Abdulaziz, Saudi Arabia's ambassador to Britain, met yesterday with Fiona Woolf, the mayor of London's financial and business district.<\/p>\n
During the meeting, they discussed ways to enhance trade relations between Saudi Arabia and Britain.<\/p>","protected":false},"excerpt":{"rendered":"
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