UK-Saudi deal allows kingdom to tap into Britain’s $1T tech market

LONDON — Ministers from Britain and Saudi Arabia signed a memorandum of understanding Monday to strengthen the two countries’ science and technology research links, paving the way for the kingdom to further tap into the UK’s $1 trillion tech market.

UK Science Minister Andrew Griffith and Saudi Minister of Communications and Information Technology Abdullah Alswaha signed the agreement on the first day of Saudi Arabia’s LEAP technology conference in Riyadh. The pact will grow the two countries’ collaboration on science and technology projects credited with “tackling some of the most pressing challenges facing humanity, from food security to clean energy,” a statement by the UK Science, Innovation and Technology Ministry read. 

Development in science and technology forms a cornerstone of Saudi Arabia’s Vision 2030 agenda to shift the kingdom’s economy away from a reliance on oil by the end of the decade. Last year, the UK became the third country in the world — after the United States and China — to have a tech sector worth over $1 trillion. Griffiths said partnering with the Gulf country represented “a huge opportunity for UK businesses, scientists and researchers."

The minister added that the “sheer scale” of Saudi Arabia’s ambitions in science and tech means that working with the kingdom will be a key part of the UK’s own aspirations in these fields.