The UK and Saudi Arabia have signed trade and investment deals worth $8.6 billion (£6.4 billion) during Chancellor Rachel Reeves’ visit to the Future Investment Initiative conference in Riyadh. This marks the first such trip by a UK chancellor since 2018 and strengthens ties between the two countries.
Export Finance and Business Opportunities
Central to the agreements is £5.1 billion in export finance from UK Export Finance, which will help British firms win contracts for Saudi projects and create jobs in the UK. Key players include Barclays, which will set up a regional headquarters in Riyadh, and HSBC, relocating its Saudi base to the King Abdullah Financial District. UK AI company Quantexa will launch its decision intelligence platform in the region.
Reciprocal Investments Flowing to the UK
The deals flow both ways. Saudi cybersecurity firm Cipher plans a £37 million investment for its European headquarters in London, enhancing the UK’s tech security status. A group of Saudi investors will put £75 million into UK digital bank Vemi, backing the fintech industry. Aberdeen Investcorp joins Aramco projects, and UK firm Levidian partners on decarbonization efforts worth up to £7.5 million. Six Flags Qiddiya City offers £90 million in export chances for UK businesses in creative and construction fields. Riyadh Air’s new route to London boosts travel links.
Advancing Wider Trade Agreements
Reeves’ trip also pushes for a UK-GCC free trade agreement, which could raise trade by 16% and add £1.6 billion yearly to UK GDP. This aligns with Saudi Arabia’s Vision 2030 to diversify its economy, opening doors for UK companies in a fast-growing market.
These steps build a stronger economic partnership, with shared benefits in finance, technology, and infrastructure. The agreements highlight mutual interests in growth and stability, setting the stage for sustained cooperation.
