LONDON (Chatnewstv.com) — Britain and Saudi Arabia unveiled more than £360 million ($460 million) in new joint investment Wednesday that will create 180 jobs across both countries, in a move the UK government hailed as a “major vote of confidence” in its economy.
Business Secretary Jonathan Reynolds announced the projects at the GREAT FUTURES Summit in London, calling Saudi Arabia a key partner in the government’s modern Industrial Strategy.
“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,” Reynolds said. “Our 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.”
The new deals include the launch of Alfanar’s UK headquarters in London, a £94 million investment tied to a major sustainable aviation fuels project in Teesside that will create 80 skilled jobs. Other projects include International Investment Gate opening its European base in the UK, a new £60 million property fund, and the expansion of global insurance intermediary Howden into the Saudi market.
In total, 97 jobs will be created in the UK and 90 in Saudi Arabia, according to the Department for Business and Trade.
Saudi Commerce Minister Majid Al-Kassabi, who joined Reynolds for a fireside chat at the summit, said the initiative fit into Saudi Arabia’s Vision 2030 reform plan.
“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,” Al-Kassabi said. “As we advance our Strategic Partnership, we are not just building economic ties but forging lasting bonds that will define the future of UK-Saudi relationship.”
The UK-Saudi GREAT FUTURES campaign, launched in May 2024, has so far delivered £3.7 billion in deals creating more than 4,100 UK jobs. The summit marked the fifth meeting of the UK-Saudi Strategic Partnership Council’s Economic and Social Committee.
Stephen Hitchen, Britain’s new ambassador to Saudi Arabia, said the latest agreements underscored the depth of the relationship.
“We’re building something far deeper than trade statistics,” Hitchen said. “We’re creating lasting bonds rooted in shared vision and mutual respect that will define our relationship for generations to come.”
The summit also highlighted cooperation in education, finance and clean energy, with Cambridge University Press establishing a new office in Riyadh and London Business School planning an expansion into the kingdom.
