(MENAFN - Arab News) Thirty-two leading United Kingdom companies showcased their products in Madinah on Tuesday in education, medicine, construction, contracting, engineering design, technology, industry solutions, food and cosmetics.
The Madinah Chamber of Commerce and Industry hosted the exhibition. The British Consulate organized the event, which was opened by Mohammad Shaukat, British consul general, with Abdullah Al-Yusuf, vice chairman of the chamber. They later toured the various sections.
At a press conference after the opening, Shaukat said the UK has a close relationship with Saudi Arabia. "The British consulate grants Saudis 10-year visas to the UK. Not many countries do that," he said.
He said that some UK multinationals operating in the Kingdom are seeking to train and educate Saudis. "They are given much attention," he said.
He said there are more than 500 UK companies operating in Saudi Arabia. Saudi investors, through consultancies in the UK, can obtain investment opportunities in the UK.
In addition, he said, the British government directed all its consulates to provide opportunities for investors from all countries. "I invite Saudi investors to benefit from the available opportunities," he said.
Al-Yusuf said the Kingdom and the UK have 349 joint venture projects in various sectors. "There are 70 joint ventures in industrial projects, where the UK investor has a 44 percent stake of the total capital. Up until the year-end there were businesses with a 3 percent stake in some ventures," he said.
Al-Yusuf said there are 279 joint venture projects outside manufacturing and industrial projects. "The percentage of Saudi capital in these projects stands at 7 percent of the total funding for non-industrial joint ventures," he said.