Saudi Arabia, United Kingdom Pledge Billions in Bilateral Trade and Investments

Saudi Arabia and the United Kingdom re-affirmed bi-lateral trade and investment ties on the second day of Crown Prince Mohammed bin Salman’s visit in London with billions in deals eyed in the coming years.

Saudi Arabia’s crown prince and the U.K.’s prime minister launched an economic and investment partnership called the U.K.-Saudi Arabia Strategic Partnership Council, at a meeting at Downing Street. The two agreed upon “a landmark ambition for around £65 billion ($90.3 billion) of mutual trade and investment opportunities over the coming years, including direct investment in the U.K. and new Saudi public procurement with U.K. companies,” a Downing Street spokesperson said in a press release.

Crown Prince Mohammed bin Salman and Queen Elizabeth.

Crown Prince Mohammed bin Salman and Queen Elizabeth.

“This is a significant boost for U.K. prosperity and a clear demonstration of the strong international confidence in our economy as we prepare to leave the European Union,” the release said.

The U.K. has a long-standing relationship with Saudi Arabia, and their royal families have a history of mutual respect. As CNBC reports, the Crown Prince had lunch with the queen, and dined with Prince Charles and Prince William, Duke of Cambridge, in the evening.