Thursday 08, March 2018 by Jessica Combes

Saudi Arabia and UK agree to $90 billion mutual trade and investment


Prime Minister Theresa May’s office has hailed the agreement of $90 billion of mutual trade and investment with the Kingdom of Saudi Arabia as a “vote of confidence” in the economy before Britain leaves the European Union, according to media reports.

The target was set at a meeting between May and Crown Prince Mohammed bin Salman in London on Wednesday, the prime minister’s office said in an emailed statement.

During his three-day visit the Crown Prince also met Queen Elizabeth II and will travel on to meet President Donald Trump in Washington.

The Prince was praised by the British prime minister for his reform programme known as Vision 2030, in particular allowing women to drive and attend sporting events, which followed his announcement for a swift economic overhaul, which included a crackdown on corruption.

According to a statement issed by a spokesperson for May, the programme is seen as “an ambitious blueprint for internal reform that aims to create a thriving economy and a vibrant society—conditions that we agree are essential to the kingdom’s long-term stability and success.”

Memoranda of Understanding for 14 trade deals are due to be signed during the visit, but British officials do not expect a decision on who will host the initial public offering of state oil company Aramco.



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