UK deputy prime minister says Britain will work with Saudi Arabia on green hydrogen and renewable energy
British Deputy Prime Minister Oliver Dowden said the UK had agreed with Saudi Arabia to increase cooperation in areas such as green and clean hydrogen and carbon capture, utilization and storage (CCUS).
“We look forward to working together even more in research and innovation in renewable energy,” Dowden said in an interview with Asharq Al Awsat newspaper.
“Saudi Arabia is a testing ground for many innovations that will change everything in our lives, from clean energy to healthy lifestyles,” he said.
The full text of the interview is below.
Q: What do you hope to achieve with the GREAT FUTURES event in Riyadh and why is it important?
One of the most amazing stories in our world today is the social, economic and cultural transformation of Saudi Arabia. Your country is currently home to some of the world's biggest initiatives, including five major gigaprojects that will invest more than $3 trillion by 2030, all of which are part of your country's Vision 2030. Summarized.
Not only does the UK support Saudi Vision 2030, we want to be part of it.
That's why I'm leading a 400-plus strong business delegation to Saudi Arabia, the largest UK business delegation in history. They will be joined by leaders from UK industry in financial services, business and culture. We are here to foster cooperation between the kingdoms and secure joint investment across key areas such as financial services, business, education and culture.
Along with Minister Al Qasabi, I co-chair the UK-Saudi Strategic Partnership Council, which was established in 2018 to support the relationship between the kingdoms. Through this partnership, we have already achieved much and plan to achieve even more in the future.
The two-day GREAT FUTURES summit will serve as a forum to continue discussing further investment in a number of areas, including critical minerals and cutting-edge technology, as well as the planned free trade agreement between the UK and the Gulf Cooperation Council.
This year-long campaign is no longer just a vision, but an action plan that the UK is proud to be a key partner in supporting.
This demonstrates the UK's commitment to supporting Saudi Arabia's transformation and will also increase the presence of UK companies in the Kingdom and accelerate the important business-to-business links that make the relationship between our two countries so valuable. It also functions as a mechanism. The UK is the perfect partner to help achieve that huge ambition.
Q: What do you plan to announce at GREAT FUTURES?
Saudi domestic investment from Saudi Arabia to the UK has exceeded £16.8 billion since 2017, according to new figures.
The North East of England alone will benefit from further planned investment of £3 billion from Saudi Arabia, retaining 2,000 jobs in the region.
In addition to these new figures, I will be announcing new investments between our countries in areas such as financial services, education and culture.
Specifically, the UK will sign an updated Memorandum of Understanding (Agreement) with the Kingdom of Saudi Arabia, renewing its joint commitment to further investment.
As a British university, the University of Strathclyde plans to collaborate with its Saudi counterpart. This new partnership represents a wave of educational institutions entering the region, with 40 higher education partnerships between the two countries to date.
We agreed to strengthen cooperation in areas such as green and clean hydrogen and carbon capture, utilization and storage (CCUS). We look forward to working together to further our efforts in renewable energy research and innovation. Saudi Arabia is a testing ground for many innovations that will change everything in our lives, from clean energy to healthy lifestyles.
Q: Why is it easy to do business in Saudi Arabia?
We have strong trade relationships and established business practices. Saudi Arabia is the UK's 20th largest export market, with exports totaling £11.7bn in the four quarters to the end of Q2 2023.
This partnership is actually a two-way street. We are opening our markets to each other so that investment, exports, tourism and collaboration can flow in both directions.
Q: What are you planning to do in AlUla?
As a former Secretary of Culture, one of the most exciting areas of cooperation is cultural exchange, and I am eager to see the greatness of AlUla that I have heard so much about.
I will be visiting this beautiful and internationally important city to make anticipated announcements about further cultural partnership between our two countries.
Q: The UK regulatory system is making it more difficult than ever to do business in the UK. Can you tell us more about that?
It is important to stress that the UK's National Security and Investment Act recognizes that the vast majority of inward investment is highly profitable and has always been a passionate defender of open markets. However, alongside investment tolerance, governments also need to conduct appropriate due diligence in sensitive areas to manage national security interests.
National security and investment law provides the tools to do this. Our goal is to enable investments wherever possible and, where appropriate, with appropriate protection.
Q: What does the UK-Saudi relationship mean for regional stability?
The UK and Saudi Arabia have a deep historical relationship based on a long history of diplomatic co-operation, close military and security ties, and strong economic and trade ties. This relationship is critical to sustaining and developing the way we work together to address regional threats and ensure greater stability in the region.
