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 £360 million UK-Saudi investment to unlock more than 180 new jobs, announced at GREAT FUTURES Summit in London.
More than 4,100 UK jobs created by over £3.7bn of UK-Saudi deals since campaign launch in 2024, helping to put more money in people's pockets.
Business Secretary announces new investments into UK as "major vote of confidence" in UK economy and the government's Plan for Change.
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).
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.
Business and Trade Secretary Jonathan 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.
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:
Under the leadership of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, the Vision has driven profound economic transformation in the Kingdom. 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.
Over the past year we have witnessed the transformation of ambitious plans into tangible results in promising sectors that position our nations at the forefront of global innovation. 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.
Stephen Hitchen, His Majesty's Ambassador to Saudi Arabia said:
As my first major diplomatic engagement as Ambassador to Saudi Arabia, today's GREAT FUTURES 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.
Today's new UK-Saudi investments include:
Alfanar launching its new UK headquarters in London, establishing a global hub for its transport decarbonisation business. The 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.
Lexham Partners and ANB Capital launching the first institutional $200M Middle East and North Africa (MENA) Growth Fund focused on the second round of investors to back the region's most promising growth-stage tech companies.
IIG opening its European HQ in London, expanding to a 17-member team. The office will oversee £550 million of UK assets under management, alongside a new £60 million UK property fund.
Global insurance intermediary group Howden launching a reinsurance business in the Kingdom of Saudi Arabia, in what will become a multi-million-pound investment that will potentially create up to 30 jobs - as the company continues to expand its global footprint to 56 countries.
Control Risks establishing a Regional HQ in Riyadh that will employ over 50 people in the Kingdom with a focus on developing Saudi talent.
London-based venture capital firm Salica Investments launched the $50m Salica Oryx Fund I in 2021, with the objective of deploying 50% of the fund's capital in Saudi Arabia - aimed exclusively at investing in the best early-stage technology companies. As of today, 13 of the fund's portfolio companies have commercial registration and operations in Saudi Arabia. Later this year, Salica Oryx will launch a second $75 million fund to continue the success and regional impact of its predecessor focused on MENA.
Paymentology is establishing its presence in Riyadh, bringing world-class card issuing and payment processing to the heart of the Kingdom's fintech revolution. With its commercial registration now in place, the company is committing $7.5M through local hiring and cloud infrastructure, reinforcing its dedication to nurturing Saudi talent and supporting Vision 2030 with faster, smarter, next-generation payment innovation.
More than 10 new partnerships in education and skills to support human capability development in the Kingdom and drive mutual prosperity - including Cambridge University Press and Assessment establishing an office in Riyadh that will employ 9 people to support the advancement of education transformation in the Kingdom.
Since the GREAT FUTURES campaign was launched, there have been significant success stories which have boosted cooperation and economic growth between both nations, including:
Saudi Arabia raising $39.2 billion via the London Stock Exchange in 2025 YTD.
PIF completing a 15% acquisition of Heathrow Airport.
World Wide Generation (WWG), a UK-based sustainability-focused fintech, establishing a joint venture with Rawabi Holding, marking one of the first successful collaborations under the GREAT Futures initiative.
SURJ Sports Investment, a leading sports investment company, acquiring a minority stake in DAZN, the global leader in sports entertainment. SURJ and DAZN are committed to the unifying power of sports by making world-class sports rights available globally.
HSBC Saudi Arabia announced in 2024 that it will relocate its headquarters to the King Abdullah Financial District in Riyadh. The new office is expected to be ready by the end of this year and will place the bank at the heart of Saudi Arabia's Vision 2030 financial hub.
University of Strathclyde announced a statement of intent to open the first UK university physical presence in Saudi Arabia, in partnership with Princess Nourah University.
Earlier this year, London Business School (LBS) announced at the Human Capability Initiative conference, plans to open an office in Riyadh.
Nearly £500 million worth of contracts awarded by Saudi giga projects to UK firms since the launch of the GREAT FUTURES campaign.
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.
