Chancellor unlocks £6.4 billion of trade and investment deals on growth boosting Gulf visit
Chancellor helps unlock over £6.4 billion in two-way trade and investment deals with Saudi Arabia during Gulf visit with landmark business delegation.
- New package includes £5 billion of export finance in major boost to British manufacturing and jobs, plus multi-million-pound investment deals with Aberdeen Investcorp, Barclays, HSBC and UK AI powerhouse Quantexa.
- Builds on last month’s UK-Saudi Great Futures Summit in London which celebrated over £4.1 billion in deals, creating more than 4,100 UK jobs and bringing the total value of two-way trade and investment to over £10 billion in under 18 months.
British business and jobs are set to benefit from a £6.4 billion boost after Chancellor Rachel Reeves helped secure a major two-way trade and investment package during a landmark visit to Saudi Arabia.
The growth-driving deals came as the Chancellor led the largest UK delegation ever to the Future Investment Initiative (FII), as the UK government steps up efforts to deepen ties with the region, secure a trade agreement and ramp up Gulf investment.
The package includes up to £5 billion in financing support from UK Export Finance for projects in Saudi Arabia which will unlock supply contracts for British suppliers, and a new Barclays regional headquarters in Riyadh. Deepening ties between the two countries in this way will open up more opportunities for businesses, create new jobs and kickstart economic growth that will boost living standards for British people.
Chancellor of the Exchequer, Rachel Reeves said:
It’s a privilege to be here in the Gulf leading the largest ever senior UK delegation to the Future Investment Initiative, unlocking opportunities and batting for British business.
The UK and the Gulf share a long history of working together, but today we are building something even stronger: a modern economic alliance ready for the next decade.
The £6.4 billion package of new two-way trade, business, and investment commitments will turbocharge business opportunity and create thousands of jobs at home – key ingredients for kickstarting economic growth and building an economy that works for, and rewards, working people.
UKEF CEO Tim Reid said:
Saudi Arabia’s ambitious Vision 2030 programme presents significant economic opportunities for British businesses.
Through this landmark signing, we are not just opening doors – we are creating a gateway that will unlock billions of pounds in new supply contracts, driving substantial economic growth across both our nations.
This partnership demonstrates the UK’s commitment to supporting British exporters as they compete and win in one of the world’s most dynamic markets, while helping to deliver the infrastructure and innovation that will shape Saudi Arabia’s future.
Other major deals include a £37 million investment from Saudi cybersecurity firm Cipher to launch its European office London, and a £75 million investment from Saudi investors and bankers into British digital bank Vemi.
This week marked the first visit by a Chancellor to Saudi Arabia since 2018 and was the largest UK delegation ever taken to the FII focused on deepening economic partnerships to support growth, trade and jobs between the UK and Gulf.
During the successful mission, the Chancellor and His Excellency Khalid bin Abdulaziz Al-Falih, the Saudi Minister of Investment, co-chaired a growth and investment roundtable with UK and Saudi businesses leaders where she showcased UK investment opportunities, from the landmark expansion of Heathrow Airport to the development of the OxCam arc. She told the influential delegation that there was an abundance of growth opportunities to be seized in both countries and that she was committed to strengthening the UK partnership with all Gulf countries.
She added:
The global outlook is challenging - but turning inwards is the wrong response and what I’m focused on is pursuing trade and investment with trusted partners, just like we have already done with the US, India and EU.
Attending the FII as well as the Fortune 500 Global Forum, the Chancellor championed the UK as a stable investment destination amid global uncertainty, pointing to the government’s ironclad commitment to robust fiscal rules, modern Industrial Strategy, and backing of key projects to unleash growth including the landmark Heathrow expansion – which the Saudi Public Investment Fund (PIF) acquired a 15% stake in last year.
The Chancellor also met ministerial counterparts from Saudi Arabia, Qatar to accelerate progress on a trade deal between the UK and the Gulf Cooperation Council.
She made clear that securing such trade deals is important for reversing the damage caused by decline of the past - including Brexit, austerity and the mini-budget – and is key to delivering more money in the pockets of working people through growth opportunities for business.
A trade deal with the Gulf is expected to increase trade between both nations by 16%, add £1.6 billion to UK GDP each and every year, and contribute an additional £600 million to UK workers’ annual wages in the long term.
This week’s success builds on last month’s UK-Saudi Great Futures Summit in London which celebrated over £4.1 billion in deals, creating more than 4,100 UK jobs and bringing the total value of two-way trade and investment to over £10 billion in under 18 months.
Georges Elhedery, Group CEO, HSBC said:
The GCC is one of the world’s fastest growing regions and one where HSBC’s heritage runs deep. That’s why I’m delighted to join the UK Chancellor’s delegation to the Gulf, given the UK is also a home market for HSBC. Trade and investment flows have long been a two-way street and there are significant opportunities ahead. We’re committed to harnessing the power of HSBC’s global network to advance shared economic interests and help businesses connect, invest, and grow.
More information
- The total commercial package linked to this visit comprises announcements worth over £6.4 billion in export and commercial deals as well as two-way investments. This includes:
- UK Export Finance (UKEF) and the Public Investment Fund (PIF) signing a refreshed memorandum of understanding (MoU) to strengthen financial cooperation and expand trade and investment opportunities between the United Kingdom and Saudi Arabia. Under the MoU, UKEF will provide export credit support totalling up to £5.1 billion to PIF and its portfolio companies, which can be used to support purchases from UK-based businesses.
- Meanwhile Saudi cybersecurity firm Cipher will be launching its European office in London, representing £37 million of investment over the next ten years and deepening collaboration on digital security and resilience.
- A consortium of Saudi investors and banking executives announcing a £75 million investment in Vemi, a next-generation ethical digital bank built on cutting-edge artificial intelligence and advanced digital technology, signalling renewed investor confidence in the UK’s financial innovation ecosystem. o Aberdeen Investcorp, a joint UK–Bahraini vehicle, will be advancing infrastructure investments across the Gulf. In Saudi Arabia, the firm has committed to the Aramco Jafurah Gas Infrastructure project and acquired a 40% stake in the Fadhili Housing Complex under a long-term concession with Aramco. Additional investments include a 33% share in the £1.65 billion ADNOC Mirfa Water System in the UAE and majority participation in a £415 million port expansion project in Oman’s Port of Duqm.
- British climate‑tech firm Levidian will be partnering with Kanoo Energy on regional decarbonisation projects. Levidian’s LOOP technology captures carbon from methane to produce clean hydrogen and graphene, with a pilot planned with Aramco. This represents up to £7.5 million in commercial opportunities over the next five years.
- UK Export Finance‑enabled Six Flags Qiddiya City announcing over £90 million of export opportunities for UK creative, architectural, security and construction businesses. This is UKEF’s largest Murabaha financing to date and its first in the region.
- The package also includes the following announcements creating further opportunities, jobs and bolstering collaboration between the UK and the Gulf:
- Major UK financial institutions strengthening their presence in the Kingdom. Barclays has established a Regional Headquarters in Riyadh that will support capital flows and advisory services across the region.
- HSBC Saudi Arabia relocating its headquarters to the King Abdullah Financial District in Riyadh. The new office, expected to be ready by the end of this financial year, places the bank at the heart of Saudi Arabia’s Vision 2030 financial hub.
- Riyadh Air has opened a new route from Riyadh to London on 26 October, strengthening business and tourism links as well as supporting the UK’s world‑class aviation and airport services sectors.
- The University of Strathclyde has become the first European university to establish a physical presence in Saudi Arabia at the Princess Nourah bint Abdulrahman University. This will provide its female student body with the opportunity to pursue studies in a broader curriculum, notably in high-demand business fields.
- UK data, analytics, and AI firm Quantexa launching Quantexa AI as part of their Decision Intelligence Platform in the region to help enterprises and government agencies use Agentic AI to transform decision-making.
- The UK and Saudi counterparts taking forward the third and concluding meeting of the UK–Saudi Sustainable Infrastructure Assembly during the visit, to encourage investment into high‑impact, bankable projects and set out practical next steps for investors and suppliers.
- The launch of a Saudi–British Women’s Network. The network will strengthen ties between British and Saudi women through thought‑leadership, mentorship and collaboration.