Britain, Saudi ink deals worth $2 billion

London/Riyadh : Britain and Saudi Arabia announced signing deals worth more than $2 billion during Crown Prince Mohammed bin Salman’s visit to London which ended on Friday, while taking a step closer to a multi-billion- pound arms deal. 

Saudi Crown Prince Mohammed bin Salman has been in the British capital for three days meeting Queen Elizabeth, Prime Minister Theresa May, key ministers and executives.

The countries signed a letter of intent to finalise talks on a multi-billion-pound order for 48 Typhoon aircraft made by BAE Systems. 

“The Crown Prince’s visit has opened a new chapter in our two countries’ historic relationship,” British Defence Secretary Gavin Williamson said.

“We have taken a vital step towards finalising another order for Typhoon jets that will increase security in the Middle East and boost British industry and jobs in our unrivalled aerospace sector,” he said.

Britain and Saudi Arabia have set themselves a 65 billion- pound ($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.

But for now the heart of bilateral trade ties remains defence and security. Britain credits Saudi intelligence-sharing with saving British lives and has licensed billions of pounds of weapons and ammunition sales to Saudi Arabia.

At a private dinner at May’s country residence on Thursday night, May’s office said she presented Prince Mohammed with a family tree showing the descent of the Al Saud dynasty.

Downing Street said the framed document was originally created by Queen Victoria’s consul general in Jeddah in 1880.

The two countries pledged 100 million pounds of joint funding to support economic growth in the Horn of Africa and East Africa, the joint statement said.