180 new jobs are set to be created in the UK and Saudi Arabia from more than £360 million of new joint investment, Business Secretary Jonathan Reynolds announced at the GREAT FUTURES Summit in London

Over 180 new jobs are set to be created in the UK and Saudi Arabia from more than £360 million of new joint investment, Business Secretary Jonathan Reynolds has announced today (3 September).

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The Business Secretary confirmed the new investment and welcomed Saudi Arabia as a key partner for the government’s modern Industrial Strategy at the GREAT FUTURES Summit in London. The event brought together hundreds of C-suite executives to boost trade and investment in each other’s countries and unlock new growth.

The new investments will create 187 jobs in both nations, of which 97 will be in the UK – backing the clean energies and professional and financial services sectors. The GREAT FUTURES campaign has provided the opportunity for both nations to focus on areas of collaboration, under the UK’s modern Industrial Strategy and Saudi Arabia’s Vision 2030.

New investments worth over £150 million into the UK include Alfanar launching its new UK Headquarters in London to establish a global hub for its transport decarbonisation business, and International Investment Gate (IIG) opening its European HQ in the capital to oversee UK assets under management and a new property fund.

This builds on over £3.7 billion worth of deals secured since the launch of GREAT FUTURES in May 2024, which is creating more than 4,100 jobs in the UK – demonstrating the UK’s thriving partnership with Saudi Arabia in trade and investment.

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Business and Trade Secretary Jonathan Reynolds said: 

During the summit, the Business Secretary took part in a fireside chat with Saudi Arabia Minister of Commerce, H.E. Dr. Majid Al-Kassabi, and co-chaired the Fifth meeting of the Economic and Social Committee of the Saudi Arabia-UK Strategic Partnership Council – which aims to develop and strengthen bilateral relations between both nations.

H.E. Dr. Majid Al-Kassabi, Minister of Commerce for the Kingdom of Saudi Arabia said:

Stephen Hitchen, His Majesty’s Ambassador to Saudi Arabia said:

Today’s new UK-Saudi investments include: 

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Since the GREAT FUTURES campaign was launched, there have been significant success stories which have boosted cooperation and economic growth between both nations, including: 

Today’s summit marks a major step forward following the government launching both the Industrial and Trade Strategies this summer, and comes at a time when the UK continues to negotiate a modern trade deal with the GCC that will boost economic growth, deliver higher wages and increase investment into the UK. 

A deal with the Gulf is expected to increase trade between both nations by 16%, and will add £1.6 billion to UK GDP each and every year and contribute an additional £600 million to UK workers’ annual wages in the long term. 

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ENDS

Notes to Editors

Simon Flowers, Chairman and Chief Analyst at Wood Mackenzie said:

The Lord Mayor of London, Alastair King said: