Chancellor Rachel Reeves has returned from Riyadh with a headline £6.4 billion package of two‑way trade and investment. HM Treasury said the package includes up to £5.1 billion of UK Export Finance capacity for Saudi projects, plus financial services and technology commitments. The notice was published on 28 October and updated on 29 October 2025 after the UK’s largest delegation to the Future Investment Initiative. It follows last month’s London summit that cited £4.1 billion of deals and 4,100 UK jobs.

On the financing side, UKEF signed a refreshed memorandum with the Public Investment Fund, setting risk appetite of roughly £4–5 billion to back purchases from UK suppliers into Saudi projects via loans and guarantees. It is optionality, not a grant-useful firepower for complex infrastructure. Separately, UKEF previously guaranteed a $700 million Islamic Murabaha facility for Six Flags Qiddiya City, opening a path for UK creative and engineering exporters.

Banking commitments add depth. Barclays is establishing a regional headquarters in Riyadh, with official recognition flagged by Saudi Arabia’s investment minister; HSBC Saudi Arabia is relocating to the King Abdullah Financial District. Both moves concentrate deal teams where projects are decided and capital is deployed.

Investment also flows the other way. HM Treasury highlighted a £37 million plan by Saudi cybersecurity firm Cipher to open a European office in London, and a £75 million commitment from Saudi investors into UK digital bank Vemi. Individually modest, these point to active two‑way capital and potential hiring in engineering, cyber and product roles.

For British contractors and consultancies, the near‑term opportunity sits in second‑tier supply. Gulf megaprojects need design, engineering, procurement and operational expertise that UK firms already export at scale. The practical route in is partnering with prime contractors and PIF‑backed companies already mobilised on the ground, then proving delivery on‑site before scaling.

Tech and data are edging forward too. Quantexa has been scaling its Decision Intelligence platform globally this year, and Darktrace says it will open a Riyadh office to support customers across the Kingdom and wider MENA. Expect hiring, local certification and joint bids to follow as pipelines mature.

Aviation links are already visible: Riyadh Air began a daily readiness service to London Heathrow on 26 October, a soft launch ahead of broader commercial operations. That adds another corridor for business travel and services trade that UK exporters can use as projects progress.

Ministers also used the Riyadh trip to say a UK–GCC trade agreement is close. Officials have trailed estimates of a 16% lift to trade, a £1.6 billion annual GDP bump and around £600 million in additional wages over the long term-supportive but modest at the macro level. Timelines remain fluid.

For SMEs, the checklist is practical. Map where your product slots into Gulf project scopes; speak to your bank about UKEF‑backed working capital or bond support; line up a capable local partner; and put export compliance and payment security in place before you quote. Conversions typically hinge on evidence of delivery and on‑site presence.

Risks remain. Announcements do not always become purchase orders, timetables slip, and local‑content rules can affect margins. The signals to watch now: UKEF capacity attaching to specific PIF‑linked contracts, bank HQ moves turning into mandates, and whether a GCC deal lands before year‑end. That is the read‑through for pipeline quality.