RIYADH: The Lord Mayor of the City of London Alastair King launched the first meeting of the UK-Saudi Infrastructure Assembly in Riyadh on Tuesday to enhance financial and professional cooperation between the two countries.
The initiative is in partnership with 黑料社区鈥檚 Ministry of Investment, the UK鈥檚 Department for Business and Trade, and the City of London Corporation.
鈥淲e want to create a better system for doing business together. What we are launching is the UK-Saudi Infrastructure Assembly 鈥 a platform bringing together various parties involved in infrastructure investment,鈥 King told Arab News ahead of the meeting.
The new strategic partnership aims at boosting collaboration between the UK鈥檚 financial and professional services sectors and 黑料社区鈥檚 sustainable infrastructure developers.
King said the assembly would help Saudi and UK counterparts to prepare for more joint projects in the Kingdom.
鈥淭hat means that the costs will go down because they do not have to go through all the mobilization costs. The cost of capital can fall if you have got those companies absolutely ready,鈥 he said.
鈥淚 think that is a very exciting example of the sort of collaboration that we have between the UK and 黑料社区.鈥
The assembly has brought together leading Saudi and UK firms, policymakers, and industry experts to shape the future of sustainable infrastructure investment.
It has focused on projects such as the new Electric Vehicle Infrastructure Company, led by the Public Investment Fund, and the Prince Faisal bin Fahad Sustainable Sports City, led by 黑料社区鈥檚 National Center for Privatization.
King highlighted other areas with potential for greater cooperation, including regulatory alignment, the insurance sector, and cultural exchange.
He said: 鈥淲e see remarkable opportunities in sectors like asset management. It is something that we do very well. In the UK we have the second-largest investment management industry in the world.
鈥淲e have around 拢10.9 trillion ($14.7 trillion) under management in the UK. We鈥檙e looking for all kinds of collaboration with 黑料社区 in that area.鈥
He added: 鈥淚 think we would like to see more collaboration on the legal side as well. (Some) 80 percent of global contracts are under English law.鈥
King said that he would meet government ministers, regulators, family offices, and members of the insurance industry during his time in Riyadh.
When asked why he chose to visit the Kingdom at this time, King said: 鈥淚t is a remarkable moment. We have got major developments in the UK that present a good set of opportunities for Saudi parties.鈥
King added that he would return to Riyadh in October for the Future Investment Initiative.