RIYADH: Saudi Arabia and the UK are set to strengthen their economic ties through more than £360 million ($445 million) in joint investments, Business Secretary Jonathan Reynolds said on Wednesday.
The British official was speaking at the Great Futures Summit in London, a high-profile gathering of C-suite executives aimed at boosting trade and unlocking growth opportunities between the two countries.
The new investments are expected to generate 187 jobs, including 97 in the UK, focusing on clean energy, professional, and financial services sectors. Reynolds highlighted that the summit offers a platform for collaboration aligned with the UK’s modern Industrial Strategy and Saudi Arabia’s Vision 2030, demonstrating the countries’ commitment to shared economic growth.
Significant investments into the UK include Alfanar establishing its new headquarters in London as a global hub for transport decarbonization, and International Investment Gate opening its European headquarters in the capital to manage UK assets and a new property fund.
HIGHLIGHTS
Projects expected to create 187 jobs: 97 in the UK and 90 in Saudi Arabia, spanning clean energy, professional services, and financial sectors.
Key UK investments include Alfanar’s £94 million London HQ for transport decarbonization; IIG’s £550 million UK assets and £60 million property fund.
Key Saudi projects include Howden reinsurance business, Control Risks regional HQ, and Salica Investments’ $75 million MENA fund.
The Alfanar office will deliver £94 million of investment, creating 80 skilled jobs to support the £2 billion Lighthouse Green Fuels project in Teesside, which is set to become the world’s largest sustainable aviation fuels facility.
Similarly, IIG’s London office will oversee £550 million of UK assets and a £60 million property fund, creating new professional opportunities.
The partnership also extends to Saudi Arabia, where companies such as Howden are launching a reinsurance business, potentially creating up to 30 jobs, and Control Risks is establishing a regional headquarters in Riyadh to employ more than 50 people while developing local talent.
Venture capital firm Salica Investments is launching a second $75 million MENA-focused fund, following the success of its $50 million Salica Oryx Fund I, which has already supported 13 early-stage technology companies operating in Saudi Arabia. Payment technology provider Paymentology has also established operations in Riyadh, committing $7.5 million toward local hiring and infrastructure to support the Kingdom’s fintech ambitions.
Education and skills development form another key pillar of the partnership. Over 10 new initiatives are being launched to support human capability development in Saudi Arabia, including Cambridge University Press and Assessment opening an office in Riyadh to advance educational transformation. These efforts are part of a broader strategy to foster long-term prosperity and strengthen the bilateral relationship.
Reynolds said: “Britain is a thriving business hub, and today’s new investment announcements are not only a major vote of confidence in our economy but demonstrate our thriving partnership with Saudi Arabia.
“Our modern Industrial Strategy is giving investors the confidence they need to plan not just for the next year, but for the next 10 years and beyond — helping to create economic growth as part of our Plan for Change.”
Since the launch of the Great Futures campaign in May 2024, the UK-Saudi partnership has already yielded significant milestones. Saudi Arabia has raised $39.2 billion via the London Stock Exchange in 2025, and the Public Investment Fund completed a 15 percent acquisition of Heathrow Airport.
Other successes include a joint venture between UK sustainability fintech World Wide Generation and Rawabi Holding under the initiative, SURJ Sports Investment acquiring a minority stake in sports streaming giant DAZN, and HSBC Saudi Arabia relocating its headquarters to Riyadh’s King Abdullah Financial District. UK academic institutions are also expanding in Saudi Arabia, with the University of Strathclyde and London Business School planning physical offices in the Kingdom. Nearly £500 million worth of contracts from Saudi giga-projects have been awarded to UK firms since the campaign began.
Speaking on the occasion, Saudi Commerce Minister Majid Al-Qasabi said: “The Saudi-British Strategic Partnership Council stands as a key platform for deepening economic ties between the two friendly nations.
“Today’s Great Futures Leadership Summit represents a defining moment in our strategic partnership with the United Kingdom, demonstrating how Vision 2030 and the UK’s Industrial Strategy create unprecedented opportunities for mutual prosperity.”
British Ambassador to Saudi Arabia Stephen Hitchen said: “As my first major diplomatic engagement as ambassador to Saudi Arabia, today’s summit perfectly captures the strength of the relationship between our two kingdoms — from groundbreaking innovation bridges to our transformative partnerships in clean technology, we’re building something far deeper than trade statistics, we're creating lasting bonds rooted in shared vision and mutual respect that will define our relationship for generations to come.”
The summit coincides with the UK government’s launch of both the Industrial and Trade Strategies this summer, as negotiations continue on a modern trade deal with the Gulf Cooperation Council. The deal is expected to increase trade between the nations by 16 percent, add £1.6 billion annually to UK’s gross domestic product, and contribute an additional £600 million to UK workers’ wages in the long term.
