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As I arrive in Riyadh for the Future Investment Initiative, leading one of the largest UK business delegations to the Gulf in recent years, I’m struck by the extraordinary opportunity before us.

At a time when global uncertainty dominates headlines, the partnership between Britain and �������� as well as the wider Gulf nations represents something powerful. A relationship built on mutual respect and shared ambition.

Over £4.1 billion ($5.2 billion) in deals have been secured between the UK and �������� in the past 18 months alone, creating more than 4,100 British jobs. This weekend, Riyadh Air's inaugural flight landed in London, symbolizing the deepening ties between our nations. Families in both countries have had their lives improved through international partnership.

My message at the FII and to the great people and businesses in �������� is clear: Britain is one of the world’s most attractive destinations for investment. A beacon of stability, offering the regulatory agility and world-class expertise that Gulf investors seek.

��������’s Vision 2030 program represents one of the most ambitious economic transformation agendas in modern history

Rachel Reeves

The foundation of our partnership lies in our complementary strengths. ��������’s Vision 2030 program represents one of the most ambitious economic transformation agendas in modern history. Britain, with expertise in financial services, life sciences, artificial intelligence, and clean energy, is uniquely positioned to be your partner of choice in this transformation.

In financial services, London remains the world’s leading international financial center. Our life sciences sector has produced breakthrough treatments transforming healthcare globally. In artificial intelligence, British companies are at the forefront of responsible innovation, while our clean energy expertise offers the technologies needed for a sustainable future. 

This is coupled with a regulatory environment which champions innovation whilst maintaining the highest standards — we regulate for growth, not just risk.

The case for deeper UK-Gulf cooperation extends far beyond this. A comprehensive trade agreement between the UK and the Gulf Cooperation Council could boost bilateral trade by 16 percent, add £1.6 billion to UK GDP annually and contribute £600 million to British workers' wages in the long term. 

For Gulf nations, it would provide deeper access to British expertise, technology, and capital markets. This would crowd in investment to support their economic transformation, all whilst creating new opportunities in one of the world's most dynamic economies.

This is why I am committed to accelerating progress on the UK-GCC Free Trade Agreement, which would eliminate unnecessary barriers and improve regulatory transparency. It represents the kind of forward-looking partnership that benefits businesses and families on both sides.

The investment flows already demonstrate mutual benefit. The Saudi Public Investment Fund’s 15 percent stake in London Heathrow Airport — which this government is backing expansion of — shows confidence in British infrastructure. Gulf investment in projects from the North East of England to the Oxford-Cambridge corridor creates jobs and drives innovation across Britain. 

Meanwhile, British excellence in manufacturing is integral to Gulf aviation ambitions, with engines and components powering the region’s expanding airlines. We can go further, too — my delegation includes firms that are developing the aviation systems of the future. Closer partnerships in the Gulf can help enable those companies’ ambitions with positive spillover benefits for all involved.

The UK offers not just market access, but genuine partnership in building the economies of tomorrow

Rachel Reeves

What makes this partnership particularly compelling is our shared commitment to looking beyond traditional economic models. Just as the Gulf is diversifying away from oil dependency, Britain is building a modern industrial strategy focused on the growth sectors of tomorrow. Our National Wealth Fund is catalyzing over £70 billion in private investment, while pension fund reforms will unlock up to £50 billion for infrastructure and innovation projects. These initiatives create opportunities for co-investment with Gulf sovereign wealth funds.

And we’re listening to investors, building our offer to those who want to grow a business in our country. This month, I launched a new free “concierge” service to help international financial services firms pick locations, navigate regulation and get to grips with the Britain’s business environment — removing barriers to investment in the UK. It is called the Office for Investment: Financial Services or OfI:FS — and it is at your service.

It is a dedicated concierge service within the Office for Investment. It offers comprehensive and bespoke support to firms looking to establish and expand their presence in the UK.

Britain’s stability in an uncertain world makes us an ideal partner. After the US, the UK is projected by the IMF to be the fastest-growing G7 economy. We have moved decisively to address fiscal challenges with robust fiscal rules whilst investing in our future — not least through infrastructure spending, which will exceed £725 billion over the next decade.

As I meet with senior regional leaders this week, I’ll be saying Britain is open for business, ready for partnership, and committed to the kind of long-term cooperation that creates prosperity for all our citizens. The UK offers not just market access, but genuine partnership in building the economies of tomorrow.

The future belongs to nations that embrace openness while maintaining security, that foster innovation while ensuring stability, and that build partnerships based on mutual benefit. 

The relationship between Britain and the Gulf embodies these principles. Together, we can create good jobs, drive technological advancement, and build the sustainable, prosperous future our people deserve.

This is more than an economic opportunity — it is a chance to show that cooperation creates the foundation for shared prosperity. The bridges we build today will carry the commerce, ideas, and friendships of tomorrow.

• Rachel Reeves is the UK’s chancellor of the exchequer