LONDON – The whole of London welcomed Saudi Crown Prince Mohammed binSalman to Britain, where the city took up billboards that celebrate hisefforts to bring about radical changes in Saudi Arabia -open it to theworld, as well as his efforts to empower Saudi women.
The British Prime Minister Theresa May also confirmed that Gulf securityensures the security of Britain and the prosperity of the Gulf meansBritain’s prosperity.
The UK media chose to use “MBS means business” to highlight the financialbenefits of the Saudi Crown Prince’s first official visit.
Prince Mohammed’s visit to The United Kingdom is expected to see dealsworth $100 billion signed, the Financial Times reported.
This move includes agreements with the private sector and memorandums ofunderstanding between the two countries seeking cooperation in technology,education and security.
Saudi Arabia’s long-term economic ties are strong over many areas, as TheUnited Kingdom is the second largest foreign investor in Saudi Arabia afterthe United States.
There are about 300 joint ventures between the two parties with a totalinvestment of $17.5 billion.
Over the past five years, bilateral trade between Saudi Arabia and Britainhas risen by 2.3 billion pounds ($3.19 bln). Saudi Arabia is Britain’slargest trading partner in the Middle East.
In 2016, trade in goods and services amounted to about £ 9 billion ($12.47bln).
Since 2010, Saudi Arabia has been the third fastest growing market in theworld for UK exports, and the third fastest growing market for its importsof commodities as well.
The United Kingdom is expected to export renewable energy goods andservices to Saudi Arabia for more than £ 300 million ($415.81 mln) by 2023,and the British entertainment company Vue International has signed apartnership to open 30 cinemas in Saudi Arabia.
Relations between the two countries also extend to the tourism sector, withLondon being the most visited Western destination from the Gulf, withSaudis accounting for 20 percent of these visits and spending around 2,400pounds per trip.
Saudi visits to Britain are expected to increase 20% by 2020. About 100,000Britons visit Saudi Arabia each year, including 24,000 Britons who come toMecca for Hajj and Umrah.