Fashion
UK Chancellor unlocks $8.4 bn of trade, investment deals on Gulf visit
The deals came as the Chancellor led the largest UK delegation ever to the Future Investment Initiative (FII).
The package includes up to £5 billion in financing support from UK Export Finance for projects in Saudi Arabia that will unlock supply contracts for British suppliers, and a new Barclays regional headquarters in Riyadh.
British business and jobs will gain from an $8.4-billion boost after UK Chancellor of the Treasury Rachel Reeves helped secure a major two-way trade and investment package during a visit to Saudi Arabia.
The package includes up to £5 billion in financing support from UK Export Finance for projects in Saudi Arabia that will unlock supply contracts for UK suppliers, and a new Barclays office in Riyadh.
Other major deals include a £37-million investment from Saudi cybersecurity firm Cipher to launch its European office London, and a £75-million investment from Saudi investors and bankers into British digital bank Vemi, a uK government release said.
Reeves and Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih co-chaired a growth and investment roundtable with UK and Saudi businesses leaders where she showcased UK investment opportunities.
The Chancellor also met ministerial counterparts from Saudi Arabia, Qatar to accelerate progress on a trade deal between the UK and the Gulf Cooperation Council.
She made clear that securing such trade deals is important for reversing the damage caused by decline of the past, including Brexit, austerity and the mini-budget, and is key to delivering more money in the pockets of working people through growth opportunities for business.
A trade deal with the Gulf is expected to increase trade between both nations by 16 per cent, add £1.6 billion to UK gross domestic product every year, and contribute an additional £600 million to UK workers’ annual wages in the long term.
This developed built on last month’s UK-Saudi Great Futures Summit in London that celebrated over £4.1 billion in deals, creating more than 4,100 UK jobs and bringing the total value of two-way trade and investment to over £10 billion in under 18 months.
Fibre2Fashion News Desk (DS)