The UK and Saudi Arabia have announced £360m ($483m) of joint investments set to create 187 jobs across both countries. The deal reflects efforts to bolster cross-border investment between the two nations, which are also in the process of negotiating a trade deal.
The announcement was made on 3 September at the Great Futures Summit in London, UK. UK Business Secretary Jonathan Reynolds, Saudi Arabia’s Minister of Commerce, Majid Al-Kassabi, and the UK Ambassador to Saudi Arabia Stephen Hitchen were all in attendance.
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They announced that Saudi-based electrical manufacturing company Alfanar would invest £150m (SR756.26m) in the UK to establish new headquarters in London as part of its transport decarbonisation business.
Lexham Partners, a UK-based venture capital fund, and the investment banking sector of the Arab National Bank are set to launch a $200m fund. Additionally, Saudi real estate investment advisory firm International Investment Gate (IIG) will establish its European headquarters in London.
“Our modern industrial strategy is giving investors the confidence they need to plan not just for the next year but for the next ten years and beyond – helping to create economic change as part of our Plan for Change,” Reynolds said at the summit.
“Today’s Great Futures Leadership Summit represents a defining moment in our strategic partnership with the UK, demonstrating how Vision 2030 and the UK’s industrial strategy create unprecedented opportunities for mutual prosperity,” Al-Kassabi noted, linking the countries’ industrial strategies.
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By GlobalDataGreat Futures, a year-long campaign to strengthen economic ties between the two countries, was launched in Riyadh in May 2024. According to the UK Department for Business and Trade, the initiative has created 4,100 jobs in the UK and fostered £3.7bn of deals since it began.
The UK is in the process of negotiating a trade deal with the Gulf Cooperation Council Countries, of which Saudi Arabia is a member. A deal would boost bilateral trade by 16% and add £1.6bn to the UK’s gross domestic product, the government claims.
