HM Treasury has confirmed that the Chancellor is leading a major UK business delegation to Saudi Arabia, the first visit to the Gulf by a UK finance minister since 2019. The trip coincides with the Fortune Global Forum on 26–27 October and the Future Investment Initiative from 27–30 October in Riyadh. HM Treasury frames the tour as a growth mission under the government’s Plan for Change.
Officials say the near‑term priority is to accelerate an FTA with the Gulf Cooperation Council. The government’s published modelling suggests a deal could lift UK‑GCC trade by at least 16%, add around £1.6bn to UK GDP each year, and raise UK workers’ annual wages by £600m in the long run. Reeves is expected to meet counterparts from Qatar, Bahrain and Kuwait during the visit.
HM Treasury has also announced an investment package linked to the visit. The department cites more than £6.4bn in two‑way trade and investment commitments with Saudi Arabia, including a refreshed UK Export Finance–PIF memorandum and commercial agreements involving financial institutions and UK AI firm Quantexa. Officials describe this as building on the September “GREAT Futures” summit in London, which celebrated over £4.1bn of UK‑Saudi deals and more than 4,100 UK jobs.
The government will use the Riyadh stage to underline its fiscal framework and industrial policy. Ministers continue to reference two fiscal rules: balancing the current budget by 2029/30 (the stability rule) and ensuring net financial debt falls as a share of GDP by the end of the forecast period (the investment rule). The Institute for Government’s explainer and Commons statements set out the definitions and timetables that underpin OBR assessments.
Policy signals around infrastructure and aviation form part of the wider growth narrative. The government has indicated support for Heathrow expansion; Heathrow aims to submit plans with the goal of an operational third runway by the mid‑2030s, while Saudi Arabia’s Public Investment Fund completed a 15% stake in Heathrow’s holding company in December 2024.
Aviation connectivity is also deepening. Riyadh Air operated its inaugural Riyadh–London Heathrow service on 26 October, initially with restricted ticketing as part of an operational readiness programme. In June, the airline placed a firm order for 25 Airbus A350‑1000s; the A350 uses UK‑made composite wings and Rolls‑Royce Trent XWB engines, linking orders to British manufacturing supply chains.
Macroeconomic context will be closely watched by investors Reeves is courting. The IMF’s October World Economic Outlook projects the UK to be the second‑fastest growing G7 economy in 2025 after the United States, while also warning UK inflation is set to be the highest in the group next year-factors relevant to interest‑rate expectations and corporate planning.
The Chancellor will continue to link trade and investment outreach to the government’s modern industrial strategy. The strategy identifies eight growth‑driving sectors-advanced manufacturing, clean energy industries, creative industries, defence, digital and technologies, financial services, life sciences, and professional and business services-and aims to “hardwire” policy stability for investors.
Financing tools feature prominently. The National Wealth Fund has been given a strategic steer to take more risk alongside private capital in clean energy, digital technologies, advanced manufacturing and transport, with the government citing an ambition to mobilise tens of billions in private investment.
For firms assessing the practical upside of a UK‑GCC FTA, tariff cuts on goods, improved market access for services and clearer mobility routes are the headline areas. However, as with other recent UK agreements, benefits will phase in over several years and depend on take‑up by exporters and financiers. The government’s published impact ranges should be read as long‑run estimates, not immediate outcomes.
Alongside the investment pitch, civil society scrutiny remains. Trade unions and rights groups have pressed for robust labour and human‑rights safeguards in any GCC deal and have raised concerns about enforcement. Ministers say UK standards will not be compromised and that negotiations preserve the UK’s right to regulate in the public interest.
Timing matters for boardrooms. Reeves is due to address CEOs at the Fortune Global Forum before participating in FII sessions, with UK Export Finance and the Office for Investment engaged on follow‑up delivery. A separate HM Treasury announcement confirms a new one‑stop “concierge” service for international financial firms investing in the UK, intended to reduce friction and speed decisions.