13th March, 2017
The UK and Saudi Arabia after Brexit: Toward a Stronger Partnership
Highlights of a keynote speech delivered by Dr Afnan Al-Shuaiby to the Society of Petroleum Engineers in Al-Khobar, Kingdom of Saudi Arabia.
On 13th March 2017 Dr Afnan Al-Shuaiby delivered the keynote speech at the Society of Petroleum Engineers (SPE) monthly dinner meeting in Al-Khobar, Kingdom of Saudi Arabia. The speech outlined what investors and businesses could expect from Brexit (Britain’s proposed exit from the European Union) and its potential for enhancing UK-Saudi collaboration. Dr Al-Shuaiby spoke about the impact of Brexit on UK trade and investment, stating that it provides an additional boost to the UK to work more closely with its “old friends”, such as the KSA. She argued that Brexit will provide significant momentum for reaching a future free-trade agreement (FTA) with the GCC countries, particularly the KSA.
The fall in the value of the British pound since Brexit had made UK real estate investments more attractive, and UK goods were relatively cheaper to import. Dr Al-Shuaiby cited the UK’s strong economic forecasts and robust performance post-Brexit. She highlighted the changing tax landscape with regards to the new UK laws coming into effect in April 2017, especially those concerning residency status and non-dom tax status. She then reflected on the scale of Saudi investment in the UK property market and the continued strengths of London real estate.
The speech then went on to address the UK’s determination to build a “global Britain” that champions global free trade. She explained the UK’s new industrial strategy and the key areas where it was seeking to attract greater investment such as science, research, innovation and upgrading infrastructure. In the final section of the speech, Dr Al-Shuaiby focused on how the Brexit policy and the Saudi Vision 2030 are opening up new areas for cooperation in education, ICT and renewable energy. Dr Al-Shuaiby concluded that prospects for deepening UK-Saudi relations are excellent, stressing that the Chamber provided a bridge for UK and Saudi businesses and is always available to assist.Back To 2017 Gallery