The British government should make Saudi Arabia a top priority

Bilateral trade between the UK and Saudi Arabia has grown significantly in recent years. Thus, in the four quarters to the end of the first quarter of 2024, the total trade of goods and materials between the two kingdoms amounted to £17. 6 billion. Thus, Saudi Arabia is the UK's largest trading partner and its 13th largest export market. At the same time, the Saudi government's sovereign wealth fund, PIF, is injecting billions of pounds into the UK economy.

To shed light on the importance of the UK-Saudi trade partnership and the ongoing financial restructuring in Saudi Arabia, Jack Dickens spoke to Sir Dominic Johnson of Rainstone. Lord Johnson was Minister for Investment in the previous Conservative government from 2022 to 2024. It was undoubtedly Lord Johnson who led a delegation of over 300 British businessmen to Riyadh in May this year, the largest UK trade mission in the past decade.

Lord Johnson spoke to Inside Saudi about the potential for British business in the Saudi Arabian market and why the new UK Labour government should prioritise closer trade ties with Saudi Arabia.

Jack Dickens (JD) – You have been visiting Saudi Arabia since the 1990s. Can you tell us about the changes that you have witnessed in the country over the last three decades?

Lord Dominic Johnson of Rainstone (LDJ) - I have done business with Saudi Arabia with my asset management company. Until relatively recently, Saudi Arabia was seen as a source of money. People like me would go to Riyadh once a year to try to raise capital for funds and exchange trading. My last company, Somerset, invested in Saudi Arabian listed companies, but I had little exposure to the Saudi market. At the same time, in the eyes of many Western governments, Saudi Arabia was a client and a capital hub. Of course, she remains a necessary military resource and a strategic ally. But on the financial side, ministers and businesspeople flocked to Riyadh, mainly for this purpose, to bring in defence technology and to free up capital for investment in other countries of the world.

Everything has changed as the Muhammad Bin Salman Seiji Success launched the "Vision 2030" in 2016. Saudi Arabia is now regarded as a good opportunity for traders and companies who are eager to build a business in cooperation with the government. In the past two years, Saudi Arabia has been very exciting to visit ministers and communicate, probably my major market, traveling to the Riyado, and communicating with the Saudi government ministers. It was fun. The Riyad itself is a completely different city that I visited in the 1990s. When I visited Saudi Arabia earlier this year, I remembered that it actually happened when I went to East Asia in the mi d-1990s. The nation is open, a beautiful hotel is built, and you can feel real dynamism and energy. This is an incredibly fun bazaar.

JD – What is driving this transformation, in your opinion? What is Saudi Arabia getting right?

L J-It will combine all the elements you need to create a great market economy. In the first place, the government will create a powerful framework and introduce reliable standards. The government will make business easier and introduce new currency standards to properly manage the market. Today, the background of gambling has been leveled and structured in this way, giving international traders to trust and enabling goods.

Second, the government supports business. For example, I have never met the government that actively supports and defends business. They are working hard to make Saudi Arabia a business destination. As a Minister of Investment of the Ministry of Business Trade, I, such as Dr. Magid A l-Kassabi, Minister of Commerce in Saudi Arabia, and Halid A l-Fari, Inc. He worked closely.

The third element is the ability. Vision 2030 is a big chance. The Saudi market is completely redesigned, very bright, a real market. Almost all fields in the UK, except for the areas where Saudi Arabia has already progressed, such as petroleum, gas, petrochemical, and construction, is developing in Saudi Arabia. The abilities of British companies that build lon g-term and sustainable businesses for the Saudi Arabia market and regions in many fields, such as insurance, funding, law, consulting, accounting, development, and pure energy are truly amazing is.

After all, any magnificent economy requires a person and a twit geist. I believe that Saudi Arabia has both. When you eat in London, people talk about mortgages and prices. When he moves to Saudi Arabia, he talks about his abilities, says that the whole family is in a wonderful job, studying at a wonderful educational institution, and is trying to build a wonderful economy.

JD – How would you compare the opportunities that are available to businesses in Saudi Arabia today with those in other dynamic emerging markets, such as India?

L J-Of course, all markets have skills. However, there are more closed markets than other markets. For example, India is a pretty protected bazaar. In fact, finding your insurance company is quite difficult. Apart from this, there are many reinforced local companies that have to compete for you. Saudi Arabia actually has a hig h-speed insurance bazaar backed by new rules, can help English skills, and it is attractive that it does not have the real industry that provides cash. Banks in Saudi Arabia must apply the knowledge of British companies in the field of asset management. If the economy is performed in a zero mark in various fields and the skills are very good in a wide range of fields, no country has a similar story in the world.

JD – So Saudi Arabia’s Vision 2030 programme is providing real opportunities for international businesses and investors. Do you foresee any challenges?

LJs are the most difficult things that all national governments have to fight, which is not at least difficult for us in Britain. The same will happen in Saudi Arabia. A hotel that does not make a profit is built, a wel l-delivered house has been constructed, and roads are not applied, but this is not a bad thing. Capitalism is lively. If you have a single strategic project, keep maintaining a personal bazaar that is not closed, just comes, work, work, and do this to weld your funding. You have a great busy economy, and capitalism pays attention to everything else. < SPAN> After all, any magnificent economy requires a person and a twit geist. I believe that Saudi Arabia has both. When you eat in London, people talk about mortgages and prices. When he moves to Saudi Arabia, he talks about his abilities, says that the whole family is in a wonderful job, studying at a wonderful educational institution, and is trying to build a wonderful economy.

L J-Of course, all markets have skills. However, there are more closed markets than other markets. For example, India is a pretty protected bazaar. In fact, finding your insurance company is quite difficult. Apart from this, there are many reinforced local companies that have to compete for you. Saudi Arabia actually has a hig h-speed insurance bazaar backed by new rules, can help English skills, and it is attractive that it does not have the true industry of cashing. Banks in Saudi Arabia must apply the knowledge of British companies in the field of asset management. If the economy is performed in a zero mark in various fields and the skills are very good in a wide range of fields, no country has a similar story in the world.

JD – What is the best way to build connections between British businesses and the Saudi market?

LJs are the most difficult things that all national governments have to fight, which is not at least difficult for us in Britain. The same will happen in Saudi Arabia. A hotel that does not make a profit is built, a wel l-delivered house has been constructed, and roads are not applied, but this is not a bad thing. Capitalism is lively. If you have a single strategic project, keep maintaining a personal bazaar that is not closed, just comes, work, work, and do this to weld your funding. You have a great busy economy, and capitalism pays attention to everything else. After all, any magnificent economy requires a person and a twit geist. I believe that Saudi Arabia has both. When you eat in London, people talk about mortgages and prices. When he moves to Saudi Arabia, he talks about his abilities, says that the whole family is in a wonderful job, studying at a wonderful educational institution, and is trying to build a wonderful economy.

JD – Can you tell us more about the trade mission? What was the thinking behind it and did it succeed?

L J-Of course, all markets have skills. However, there are more closed markets than other markets. For example, India is a pretty protected bazaar. In fact, finding your insurance company is quite difficult. Apart from this, there are many reinforced local companies that have to compete for you. Saudi Arabia actually has a hig h-speed insurance bazaar backed by new rules, can help English skills, and it is attractive that it does not have the true industry of cashing. Banks in Saudi Arabia must apply the knowledge of British companies in the field of asset management. If the economy is performed in a zero mark in various fields and the skills are very good in a wide range of fields, no country has a similar story in the world.

JD – As you say, there was a change of government in the UK in July. What advice would you give to your successors in the Department for Business and Trade?

LJs are the most difficult things that all national governments have to fight, which is not at least difficult for us in Britain. The same will happen in Saudi Arabia. A hotel that does not make a profit is built, a wel l-delivered house has been constructed, and roads are not applied, but this is not a bad thing. Capitalism is lively. If you have a single strategic project, keep maintaining a personal bazaar that is not closed, just comes, work, work, and do this to weld your funding. You have a great busy economy, and capitalism pays attention to everything else.

JD – Should enhancing the UK’s trade relationship with Saudi Arabia and the Gulf Cooperation Council be a top priority for the new government?

I think British governments and British companies can explain what the Saudi government has not yet done and play an important role. Saudi Arabia should continue to promote the creation of an open market. In addition, we should continue to strengthen our legal systems so that people know that there is a truly fair legal system regarding business, commercial relationships and results. These things are absolutely important for Saudi Arabia to attract the international investment and human capital necessary to succeed. As part of the joint and useful task, we need to clearly identify all problems.