British Business Week was inaugurated here Sunday, highlighting the long years of fruitful and friendly relations between Saudi Arabia and UK in the fields of economic cooperation, trade, investment, education and cultural ties. The occasion was jointly opened by Sir William Patey, UK Ambassador to Saudi Arabia, and Abdulrahman Rashed Al Rashed, chairman of the Asharqia Chamber of Commerce and Industry in Eastern Province. The four-day event, organized by the UK Trade and Investment Office in Al Khobar, features 54 British and Irish companies. The companies will be seeking trade cooperation, joint ventures, and offer of opportunities to young Saudis to pursue their education in British and Irish Universities. Five trade UK and Irish missions have joined their resources in organizing the business week. “The Saudi-British relation has remained very strong, and both sides must further move forward to keep the ties growing and expanding in all areas of cooperation,” Patey said, addressing the opening of the week. Al Rashed said British companies must take advantage of the many opportunities that the Eastern Province now offers to international investors. There are now more than 200 ongoing Saudi-British joint ventures in Saudi Arabia, Al Rashed said. British companies are particularly interested to partner with local Saudi companies in sectors such as oil and gas and industries. Business consultancy and university education are also among the major areas of cooperation offered by the five business mission. The number of Saudi students enrolled in schools, colleges and universities in UK and Ireland has increased from 6,000 a few years ago to over 20,000 now, according to the British ambassador. UK investments in Saudi Arabia also more than doubled, currently placed at $20 billion. Saudi investment in UK has reached $6 billion. The most attractive trade and investment sectors now in Saudi Arabia are the energy, healthcare, security, infrastructures, environment, construction, and education. These are the areas of interest now to UK, according to David Harries, Head of the British Trade Office. Saudi Aramco, for example, is projecting expenditure of $129 billion throughout its current five year plan from 2009 to 2014. In addition, the Saudi national oil company will be spending over $42 billion for the purchase of materials during the next five years.
