The UK and Saudi Arabia have signed a £360m joint investment package that will create 180 new jobs across both nations.
The deal, announced by Business Secretary Jonathan Reynolds at the Great Futures Summit in London this week, focuses on clean energy as well as professional and financial services, delivering mutual economic benefits. Reports Technology News
It supports the Labour Government’s modern Industrial Strategy—a 10-year plan to boost growth in British industry—while aligning with Saudi Arabia’s Vision 2030 economic transformation agenda.
As part of the agreement, Britain will receive more than £150m of Saudi investment, generating 97 new UK-based jobs. A major contribution will come from Saudi conglomerate Alfanar, which is establishing a new London headquarters for its transport decarbonisation division. The move represents a £94m investment and will create 80 highly skilled roles, with staff supporting the £2bn Lighthouse Green Fuels project in Teesside.
The package also includes Saudi real estate advisory group International Investment Gate opening its European headquarters in London. The office will employ 17 staff, oversee £550m of British assets, and launch a new £60m real estate fund.
Meanwhile, London venture capital firm Lexham Partners is joining forces with Saudi investment bank ANB Capital to launch a $200m Middle East and North Africa (MENA) Growth Fund.
The agreement will also enable several British businesses to expand their presence in Saudi Arabia. Among them are Control Risks, which is opening a regional headquarters in Riyadh; Salica Investments, establishing a $75m Saudi-based fund; fintech firm Paymentology, investing $7.5m to build jobs and cloud infrastructure; and more than ten new education and skills partnerships.
eynolds said in a statement: “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.”
