The Lord Mayor of the City of London, Alastair King, has inaugurated the inaugural UK-Saudi Infrastructure Assembly in Riyadh, aiming to strengthen financial and professional ties between the United Kingdom and Saudi Arabia. This initiative, developed in collaboration with Saudi Arabia’s Ministry of Investment, the UK’s Department for Business and Trade, and the City of London Corporation, seeks to create a more efficient framework for joint business ventures.
The assembly is designed to foster cooperation between the UK’s financial sector and Saudi Arabia’s infrastructure developers, with a focus on sustainable projects. According to Alastair King, this platform will enable both countries to prepare for collaborative projects more effectively, potentially reducing costs and streamlining mobilization.
Key topics discussed included support for projects like the Electric Vehicle Infrastructure Company, led by the Public Investment Fund, and the Prince Faisal bin Fahad Sustainable Sports City, managed by the National Center for Privatization. The assembly also explored opportunities for regulatory alignment, insurance sector growth, and cultural exchange.
Alastair King emphasized the UK’s expertise in asset management, noting that the country manages approximately £10.9 trillion ($14.7 trillion) in assets, according to figures cited by Arab News. He highlighted the potential for further collaboration in legal services, pointing out that 80 percent of global contracts operate under English law.
During his visit, Alastair King is meeting with government officials, regulators, and industry leaders to discuss ongoing and future partnerships. He described the timing as ideal, with new developments in the UK offering significant opportunities for Saudi partners. King plans to return to Riyadh for the Future Investment Initiative later this year.
In summary, the UK-Saudi Infrastructure Assembly marks a significant step toward deeper economic cooperation, focusing on sustainable investment and leveraging the strengths of both nations’ financial and professional sectors.
