-
leads UK delegation to
Riyadh, seeking to strengthen the UK-Gulf relationship to power
growth here at home.
- First visit by a UK Chancellor to the Gulf in six years will
focus on trade and investment opportunities that benefit British
businesses and working people.
- Stronger international partnerships a cornerstone of a
growing economy and higher living standards, as outlined in
government's Plan for Change.
Deals that drive growth and create good jobs is a priority for
the UK-Gulf partnership, has said as she leads one of
the largest business delegation to the region in years
today.
The Chancellor begins a landmark two-day visit to Saudi Arabia on
Monday, as the government steps up efforts to deepen ties with
the region and galvanise Gulf investment.
Reeves will be the first Chancellor to visit the Gulf in six
years, arriving in Riyadh for the Future Investment Initiative
(FII) - known as 'Davos in the Desert' - where she is expected to
meet with senior Saudi royals, US administration figures and
global CEOs.
Chancellor of the Exchequer said:
"Our number one priority is growth, so I am taking Britain's
offer – of stability, regulatory agility and world-class
expertise - directly to one of the world's most important trade
and investment hubs, making that case in our national
interest.
"After our landmark deals with the US, EU and India, we're
determined to build on that momentum by going further and faster
on partnerships that create good jobs, boost business and bring
investment into communities across the UK - from the North East
to the Oxford-Cambridge corridor.”
The Chancellor is set to use keynote addresses at the Fortune
Global Forum on Monday and FII on Tuesday to champion the UK as a
stable investment destination at a time of global uncertainty.
She will point to the government's ironclad commitment to its
robust fiscal rules, a modern Industrial Strategy focused on key
sectors of the future like AI, life sciences and financial
services, and backing of key projects to unleash growth like the
National Wealth Fund and expansion at Heathrow – which the Saudi
Public Investment Fund acquired a 15% stake in last
year.
A key priority for the visit will be accelerating progress on a
trade deal with the GCC to boost growth and deliver higher wages
across the UK, with the Chancellor also expected to meet with
opposites from Qatar, Bahrain and Kuwait. A deal with the Gulf is
expected to increase trade between both nations by 16%, 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.
Reeves has been 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 putting
more money in the pockets of working people through growth
opportunities for business.
She is expected to set out an ambition to work constructively
towards this on both sides in her conversations with Gulf
counterparts, while being honest over areas of divergence and
cultural differences.
Another priority will be two-way investment between the UK and
Saudi Arabia, with a major package of announcements set to be
made this week.
Minister for Investment said:
“I'm proud to be travelling with an outstanding delegation of
UK businesses, whose presence reflects the UK's strength as a
global hub for innovation and expertise.
“By deepening our economic ties with the region, alongside
our ongoing trade talks with the GCC, we will open new doors for
British exporters, attract high-value investment, and fuel growth
in the UK.”
The visit comes at a moment of celebration of growing UK-Saudi
economic ties.
The Chancellor earlier this month launched new one-stop support
service to make UK more attractive to global investors and create
jobs and opportunities for working people across the UK.
The GREAT FUTURES Summit in London last month marked over £4.1
billion in deals that are creating more than 4,100 UK jobs in the
past 18 months, while over 1,600 UK companies now have a presence
in Saudi Arabia.
As the Chancellor and the UK delegation travel in one direction,
Riyadh Air's first ever flight has landed in the other - with its
Riyadh-London service having lifted off today. The route will
broaden tourism and business links between the two countries. The
airline also ordered 25 Airbus A350 aircraft in June, featuring
UK-manufactured wings and Rolls-Royce engines – demonstrating
concrete benefits of the UK-Saudi partnership for British
manufacturing.
After the US, the UK is now projected by the International
Monetary Fund to be the fastest growing G7 economy. In Riyadh,
the Chancellor will be looking to build on the success of last
week's Regional Investment Summit, where it was confirmed that
nearly a thousand jobs are going to be created across the UK off
the back of over £10 billion in investments being
announced.
