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UK, Saudi Arabia target £65B in mutual trade, investment

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UK, Saudi Arabia target £65B in mutual trade, investment

The U.K. and Saudi Arabia set a target of about £65 billion in mutual trade and investment over the coming years, as Saudi Crown Prince Mohammed bin Salman met British Prime Minister Theresa May on March 7 on a three-day visit to the U.K.

The investment opportunities will include direct investment in the U.K. and new Saudi public procurement with U.K. companies, May's office said March 7.

The opportunities will span sectors including education, financial services, healthcare, technology and renewable energy.

Memorandums of understanding for 14 trade deals are due to be signed during the visit, Bloomberg News reported. However, a decision on who will host oil giant Saudi Arabian Oil Co.'s IPO is not expected, "a person familiar with plans for the visit" told Bloomberg.

In January, Saudi Arabia shortlisted London, Hong Kong and New York as possible venues for Aramco's international listing.

The two leaders also agreed a new education partnership with the aim of boosting female participation and inclusivity in the Middle Eastern country.