Chancellor Rachel Reeves has returned from Saudi Arabia with a suitcase full of trade wins—£6.4 billion worth to be exact. During her landmark visit to the Future Investment Initiative (FII), the Chancellor led the largest-ever UK delegation to the Gulf, unlocking billions in two-way trade and investment.
What does this mean for British business and jobs? Quite a lot. Let’s unpack how this trip is poised to boost the UK economy.
Table of Contents
Deals
The headline number is big—£6.4 billion in deals, partnerships, and investment commitments. It includes up to £5.1 billion in financing support from UK Export Finance (UKEF) for projects in Saudi Arabia. This funding will unlock contracts for UK-based suppliers, giving British firms a direct route into one of the world’s fastest-growing markets.
In addition, Barclays is setting up a new regional headquarters in Riyadh, HSBC is relocating its Saudi HQ to the King Abdullah Financial District, and Riyadh Air has launched a direct route to London—all of which further cement long-term economic ties.
Jobs
This isn’t just money moving on spreadsheets. It’s about real jobs. These deals are expected to create thousands of employment opportunities across the UK—especially in sectors like construction, fintech, cybersecurity, higher education, and green tech.
Reeves described the package as a turbocharger for business, calling it a vital ingredient for kickstarting growth and improving living standards. The deals support her broader goal of building an economy “that works for, and rewards, working people.”
Highlights
Here are some of the standout announcements from the trip:
| Project/Partner | Investment/Support | Sector |
|---|---|---|
| UK Export Finance & Saudi PIF | £5.1 billion | Export & Infrastructure |
| Barclays HQ in Riyadh | N/A | Financial Services |
| Cipher Cybersecurity Office in London | £37 million | Cybersecurity |
| Saudi investment in Vemi (UK digital bank) | £75 million | Fintech |
| Levidian & Kanoo Energy Decarbonisation | £7.5 million potential | Climate Tech |
| Six Flags Qiddiya City UK contracts | £90 million | Creative, Construction, Tech |
Growth
These investments are part of a wider push to deepen ties with the Gulf region. Reeves’ visit follows last month’s UK–Saudi Great Futures Summit in London, which itself delivered over £4.1 billion in deals and 4,100 new UK jobs.
By combining both summits, the total value of UK-Gulf trade and investment has hit over £10 billion in just 18 months. That’s a serious boost to the UK’s international economic influence.
Trade
The Chancellor also made progress toward securing a broader trade agreement between the UK and the Gulf Cooperation Council (GCC). Such a deal is expected to:
- Increase trade by 16%
- Add £1.6 billion to UK GDP each year
- Boost UK worker wages by £600 million annually in the long term
In a world where protectionism is rising, Reeves doubled down on the importance of staying open. She pointed to recent agreements with the US, EU, and India and stressed the value of trusted partnerships like the one being built with Saudi Arabia.
Strategy
Reeves used the opportunity to promote the UK as a stable and attractive destination for global investment. Speaking at the FII and the Fortune 500 Global Forum, she highlighted Britain’s:
- Commitment to strong fiscal rules
- Modern Industrial Strategy
- Backing of key projects like the Heathrow expansion, in which the Saudi Public Investment Fund holds a 15% stake
She also hosted a roundtable with Saudi Minister of Investment Khalid Al-Falih and UK business leaders. From infrastructure to digital banking, the message was clear: the UK is open for business.
Partnerships
Some of the most innovative partnerships announced include:
- The University of Strathclyde becoming the first European university with a physical presence in Saudi Arabia
- Darktrace expanding into Riyadh with a new Middle East HQ
- Quantexa launching a regional AI platform to aid government decision-making
- A new UK–Saudi Women’s Network to support mentorship and collaboration between female leaders
This goes beyond finance. It’s about shared values, skills, and innovation.
FAQs
How much investment was secured?
Over £6.4 billion in trade and investment deals were announced.
What is the main source of funding?
UK Export Finance is offering £5.1 billion in support.
Which UK sectors benefit most?
Construction, fintech, green tech, education and cybersecurity.
What’s the goal of Reeves’ visit?
To strengthen UK-Gulf trade ties and drive economic growth.
Will this create jobs in the UK?
Yes, thousands of jobs are expected to be created.
