Rachel Reeves will lead a delegation of senior business leaders to Saudi Arabia on Monday, becoming the first UK chancellor to visit the Gulf in six years. She is expected to meet senior Saudi royals, US administration representatives, and global business figures.
The visit aims to deepen economic ties and advance a trade agreement with the Gulf Cooperation Council (GCC), which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The government estimates a deal could add £1.6bn annually to the UK economy and contribute £600m to UK workers’ wages in the long term.
Reeves 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.” She added the government was determined to go “further and faster on partnerships that create good jobs”.
However, campaigners and the Trades Union Congress have urged caution, arguing the UK should not agree a deal without legal commitments on human rights. The TUC stated: “Our view on trade deals is consistent: the government should not agree deals with countries that abuse human rights and workers’ rights.”
Reeves is expected to finalise several UK-Saudi investments this week, ahead of the second budget on 26 November. She will speak at the Fortune Global Forum and the Future Investment Initiative, joined by ministers and prominent British business leaders including the CEOs of Barclays, GSK, HSBC, and the London Stock Exchange.
Trade with the Gulf is worth about £59bn a year, and the GCC deal could boost it by 16%. Gulf sovereign wealth funds, including Saudi’s Public Investment Fund, have been major investors in the UK, such as acquiring a 15% stake in Heathrow airport last year.
