Rachel Reeves has taken the UK’s growth pitch to Riyadh, headlining the Fortune Global Forum on 26–27 October and the Future Investment Initiative from 27–30 October. It is the first visit by a UK Chancellor to the Gulf in six years, with a large UK business delegation and Investment Minister Jason Stockwood also on the ground.

The Treasury’s message to investors is stability, clear fiscal rules and a modern industrial strategy underpinned by the National Wealth Fund. Ministers also highlight Heathrow’s planned expansion and note that Saudi Arabia’s Public Investment Fund acquired a 15% stake in the airport’s holding company in December 2024 - a reminder that Gulf capital is already embedded in UK infrastructure.

Alongside investment meetings, the UK is trying to accelerate a trade agreement with the Gulf Cooperation Council. Government analysis indicates a deal could lift UK‑GCC trade by about 16%, add at least £1.6bn to UK GDP annually and increase UK wages by £600m in the long run; Reeves is due to meet counterparts from Qatar, Bahrain and Kuwait.

The visit is already producing numbers. HM Treasury announced a £6.4bn package of two‑way commitments, including up to £5.1bn in UK Export Finance support to help British firms win Saudi projects, Barclays opening a regional HQ in Riyadh, and new pipelines flagged by HSBC - figures also reported by Reuters. For corporates, this is a live route to orders rather than a photo‑op.

For AI suppliers, the near‑term opening is enterprise software and data infrastructure. UK‑based Quantexa is launching ‘Quantexa AI’ in the region to help banks and public agencies make faster, safer decisions - a clear signal that decision‑intelligence and AML tooling are part of the Gulf’s digital spend.

Manufacturing should feel the pull‑through. Riyadh Air’s first Riyadh‑London service launched on 26 October and, in June, the airline placed a firm order for 25 Airbus A350‑1000s. That points to work for UK plants supplying A350 wings in Broughton and Rolls‑Royce’s Trent XWB engines in Derby. It builds on deals celebrated at London’s Great Futures Summit, which Whitehall says have supported more than 4,100 UK jobs across the last 18 months.

Financial services are deepening roots in the Kingdom’s markets. Barclays is establishing a regional HQ in Riyadh and HSBC Saudi Arabia is relocating to King Abdullah Financial District; BNY also secured a licence for a Saudi regional headquarters earlier this year. For UK boutiques across ECM, M&A and restructuring, expect advisory mandates as listings and debt issuance scale.

For exporters and SMEs, UKEF’s framework is the practical entry point. Supplier‑credit and project‑finance support can place British firms in large Saudi schemes; the Six Flags Qiddiya City project alone carries more than £90m of potential export opportunities for UK creative, security and build specialists. Factor in the 2025–26 tender calendar now.

Boards will also want to weigh the wider picture. Unions and rights groups are pressing for stronger labour and human‑rights provisions, while farmers warn that any deal must not undercut UK animal‑welfare standards. Robust due diligence and contractual safeguards are not optional extras in this market.

What to watch next: progress on a UK‑GCC trade deal in coming weeks, the 26 November Budget for any investment‑allowance or export‑credit tweaks, and whether the IMF’s latest projections - which place the UK as the G7’s second‑fastest grower in 2025 - translate into stronger business investment.