Britain has announced it has unlocked £6.4 billion in trade and investment agreements with Saudi Arabia. This development follows meetings in Riyadh by finance minister Rachel Reeves, aimed at strengthening economic ties with Gulf nations. The agreements signal a significant boost to the UK’s economic relationship with Saudi Arabia.
The deal incorporates £5 billion in export finance from UK Export Finance. This funding is earmarked for projects within Saudi Arabia, designed to facilitate British companies in securing contracts. The government anticipates this financial support will enable UK firms to expand their presence and operations in the Saudi market.
In addition to the export finance, multi-million-pound investment deals have been forged involving several major financial institutions. Aberdeen Investcorp, Barclays, and HSBC are among the firms participating in these investment initiatives. UK artificial intelligence firm Quantexa is also involved, highlighting the diversification of sectors benefiting from the strengthened economic partnership. These agreements mark a notable step in enhancing trade and investment between the UK and Saudi Arabia.
