Chancellor helps unlock over £6.4 billion in two-way trade and investment deals with Saudi Arabia during Gulf visit with landmark business delegation.
British businesses and jobs are set for a major lift after Chancellor Rachel Reeves helped secure over £6.4 billion in two-way trade and investment deals during a landmark visit to Saudi Arabia — a move set to deepen the UK’s economic partnership with the Gulf and strengthen Britain’s global trade position.
Leading the largest-ever UK business delegation to the Future Investment Initiative (FII) in Riyadh, the Chancellor’s visit marks a new phase in the UK’s efforts to boost growth through global partnerships and attract long-term foreign investment.
£5 Billion Export Boost for UK Industry
At the centre of the package is £5 billion in financing support from UK Export Finance (UKEF) to back projects in Saudi Arabia, unlocking supply contracts for British firms and fuelling domestic job creation.
A refreshed Memorandum of Understanding between UKEF and Saudi Arabia’s Public Investment Fund (PIF) will enhance bilateral financial cooperation and drive new trade opportunities across industries.
“It’s a privilege to be here unlocking opportunities and batting for British business,” said Chancellor Rachel Reeves. “This £6.4 billion package will turbocharge business growth and create thousands of jobs at home — the building blocks of an economy that rewards working people.”
UKEF CEO Tim Reid highlighted the significance of the deal, calling it “a gateway that will unlock billions in new supply contracts and drive growth across both our nations.”
Strategic Investments in Finance, Tech, and Clean Energy
The visit also secured a series of high-impact commercial and investment announcements, including:
- £37 million investment by Saudi cybersecurity firm Cipher to open its European office in London.
- £75 million investment in British digital bank Vemi from Saudi investors, underscoring confidence in the UK’s fintech innovation.
- Barclays opening a new Regional Headquarters in Riyadh, expanding UK financial presence in the Gulf.
- HSBC Saudi Arabia relocating to Riyadh’s King Abdullah Financial District, aligning with Vision 2030 ambitions.
- Levidian partnering with Kanoo Energy to deploy its LOOP carbon capture technology, representing £7.5 million in clean energy opportunities.
- Six Flags Qiddiya City project, enabled by UKEF, creating £90 million in UK export potential across architecture, construction, and design.
- Quantexa launching Quantexa AI in the region to advance government and enterprise decision intelligence.
Expanding Education, Connectivity, and Equality
The University of Strathclyde became the first European university to establish a physical presence in Saudi Arabia at Princess Nourah bint Abdulrahman University, enhancing access to higher education for women.
Meanwhile, a new Saudi–British Women’s Network will foster collaboration and mentorship between women professionals across both nations.
Riyadh Air also inaugurated a new Riyadh–London route on 26 October, boosting connectivity, tourism, and trade links between the two economies.
A £10 Billion Partnership in 18 Months
This week’s milestone builds on the UK–Saudi Great Futures Summit in London, which generated £4.1 billion in deals and 4,100 UK jobs last month. Combined, UK-Saudi two-way trade and investment have now exceeded £10 billion within just 18 months.
HSBC Group CEO Georges Elhedery noted: “The GCC is one of the world’s fastest-growing regions, and the UK is a key partner. We’re proud to help strengthen these vital trade and investment flows.”
A forthcoming UK–Gulf Cooperation Council (GCC) trade deal is expected to further raise trade by 16%, add £1.6 billion to UK GDP annually, and boost UK workers’ wages by £600 million each year.
As global competition intensifies, the Chancellor’s growth-focused Gulf mission signals a clear message — Britain is open for business, ready to lead in innovation, and determined to drive prosperity through trusted global partnerships.
Source : GOV UK
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