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Abu Dhabi, UAEMonday 17 December 2018

Saudi Arabia and UK sign deals worth more than $2 billion

As the Crown Prince prepares to move onto the United States, huge deals have been announced between the kingdom and the UK

Members of Saudi Arabia's Crown Prince Mohammed bin Salman's delegation leave 10 Downing Street
Members of Saudi Arabia's Crown Prince Mohammed bin Salman's delegation leave 10 Downing Street

Britain and Saudi Arabia signed commercial deals worth more than $2 billion during Crown Prince Mohammed Bin Salman's visit to London which ended on Friday, a joint statement said, without providing details.

At the start of the trip, the countries set themselves a $90 billion trade and investment target for the coming years, with London looking for new post-Brexit markets for its services sector, and Prince Mohammed seeking to convince wary investors his country is a tolerant and modernising place.

The Kingdom is also exploring up to $89 billion in fresh investments in the UK.

The two countries also agreed a long-anticipated deal for 48 Eurofighter Typhoon fighter jets, worth some $6.9 Billion. The jets are munufactured by British company BAe systems.

BAe’s chief executive Charles Woodburn said “We are committed to supporting the kingdom as it modernises the Saudi Armed Forces”.

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