UK chancellor secures £6.4bln in trade, investment deals in Gulf tour
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Rachel Reeves secures UK-Saudi trade deal worth £6.4 billion, creating jobs and boosting UK Gulf investment through key agreements and Vision 2030.
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Britain's Chancellor of the Exchequer Rachel Reeves walks to the G20 meeting during the World Bank/IMF Annual Meetings at the International Monetary Fund (IMF) headquarters in Washington, Thursday, Oct. 16, 2025 (AP)
British businesses and jobs are expected to gain from a £6.4 billion uplift as Chancellor of the Exchequer Rachel Reeves helped secure a significant two-way trade and investment package during a landmark visit to Saudi Arabia.
The growth-boosting agreements came as the Chancellor headed the largest-ever UK delegation to the Future Investment Initiative (FII) while the government intensifies efforts to strengthen regional ties, advance a trade deal, and attract greater Gulf investment.
The package features up to £5 billion in financing support from UK Export Finance for projects in Saudi Arabia aimed at unlocking supply contracts for British firms, alongside the establishment of a new Barclays regional headquarters in Riyadh.
"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," Chancellor Reeves declared.
UK firms poised to gain billions from Saudi Vision 2030 partnerships
UKEF CEO Tim Reid said that Saudi Arabia’s ambitious Vision 2030 initiative offers major economic opportunities for British companies, adding that the new agreement not only opens doors but also establishes a gateway expected to generate billions of pounds in new supply contracts and drive strong economic growth in both countries.
Other key agreements include a £37 million investment from Saudi cybersecurity company Cipher to establish its European office in London, along with a £75 million investment from Saudi investors and bankers into the British digital bank Vemi.
The Chancellor also held meetings with ministerial counterparts from Saudi Arabia and Qatar to advance discussions on securing a trade agreement between the UK and the Gulf Cooperation Council.
A trade agreement with the Gulf is projected to boost trade between the two sides by 16%, add £1.6 billion to the UK’s GDP annually, and generate an extra £600 million in yearly wages for British workers over the long term.
This week’s achievements follow last month’s UK-Saudi Great Futures Summit in London, which highlighted over £4.1 billion in deals, supported more than 4,100 UK jobs, and raised the total value of two-way trade and investment to over £10 billion in less than 18 months.
