The United Kingdom has secured over £6.4 billion in two-way trade and investment deals with Saudi Arabia, following a landmark visit by Chancellor Rachel Reeves to the Gulf region. The announcement marks a major boost for British businesses and jobs, deepening economic ties between the two countries and supporting the UK’s growth ambitions. The package includes £5 billion in export finance to back British suppliers, along with major investment partnerships involving Aberdeen Investcorp, Barclays, HSBC, and AI company Quantexa.
The visit represents a significant step forward in the UK’s efforts to strengthen relationships with Gulf economies. Chancellor Reeves led the largest-ever UK delegation to the Future Investment Initiative (FII) in Riyadh, highlighting Britain’s commitment to building a “modern economic alliance” with Saudi Arabia. The initiative builds on the success of the UK-Saudi Great Futures Summit in London last month, which generated £4.1 billion in deals and 4,100 UK jobs, bringing the total value of recent UK-Saudi agreements to over £10 billion within 18 months.
The new package is set to unlock major opportunities for British exporters through UK Export Finance (UKEF) support for Saudi projects. According to UKEF CEO Tim Reid, the deal will open billions in supply contracts for UK firms and help deliver key infrastructure aligned with Saudi Arabia’s Vision 2030. Additional deals include £37 million from Saudi cybersecurity firm Cipher to launch its European base in London, and £75 million in Saudi investment into British digital bank Vemi.
During the visit, Chancellor Reeves co-chaired a UK-Saudi investment roundtable alongside Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih, discussing opportunities in major UK projects such as the Heathrow Airport expansion and the OxCam growth corridor. Reeves emphasized the importance of global partnerships in driving sustainable economic growth and reversing past challenges such as Brexit and austerity.
The Chancellor also met with counterparts from Saudi Arabia and Qatar to accelerate progress on a UK-Gulf Cooperation Council trade deal, which is expected to boost trade by 16%, add £1.6 billion to UK GDP annually, and raise workers’ wages by £600 million a year in the long term. The mission reaffirmed the UK’s position as a reliable trade partner and investment destination amid global uncertainty.
Business leaders welcomed the announcement, with HSBC Group CEO Georges Elhedery highlighting the deep-rooted trade links between the UK and the Gulf and the bank’s commitment to helping businesses connect and grow across both markets.
