Saudi-British trade reaches $1.16 billion during first half
Trade between Saudi and Britain reached $1.16 billion, including $481 million of Saudi exports to Britain and $680 million of British exports to Saudi Arabia, , said Jimmy Bauden, the first secretary for Economic and Commercial Affairs at the British Embassy in Riyadh, to the Saudi Gazette.magazine.
The volume of trade between Saudi Arabia and Britain stood at $2.4 billion in 1999, with Saudi Arabia exporting $874 million worth of good to Britain and $1.5 billion worth, Bauden stated.
With Saudi assets totaling $3.5 billion, Britain is the second largest investor in the kingdom, after the United States. There are currently more than 30,000 British citizens residing in Saudi Arabia and working in its business sector.
In 1999 the Saudi-British Business Council was established, with the aim of developing relations between the two countries, and facilitating the exchange of ideas and proposals, and developing commercial relations between the two countries.
Bauden said that his office will be actively involved in getting British companies to take advantage of the news laws passed in Saudi Arabia, which are aimed at attracting more foreign investment. – (Albawaba-MEBG)