UK, GCC are far more than mere trading partners

The new UK government’s top priority is economic growth, and this is central to what I want to achieve as business and trade secretary. My department sits at the heart of our new approach to growth and is responsible for championing UK business, inward investment, trade policy and export finance toward the UK’s prosperity.
We cannot do this alone. Nor do we want to.
As an outward-facing nation, the UK’s international partnerships endure thanks to the strength of our political, commercial and people-to-people ties. These ties are particularly close in Saudi Arabia and throughout the countries of the Gulf Cooperation Council.
Our two kingdoms share a commitment to economic prosperity, delivered through increased investment and trade, and underpinned by priority sectors including education, healthcare, clean energy, technology and infrastructure. Our bilateral trade figures are testament to this, reaching an all-time high of £17.3 billion ($22.7 billion) in 2023.
Behind the statistics are real companies that are finding success in the Kingdom, from the largest multinationals to the smallest enterprises. Companies like Benoy, which was responsible for designing the iconic Bujairi Terrace, adjacent to the UNESCO World Heritage Site of At-Turaif. Or Downe House Riyadh, the Kingdom’s first premium British all-girls school. And Prior + Partners, which is supporting the Royal Commission for AlUla to create a living museum at this ancient site. These companies and many more are contributing to the success of Saudi Arabia’s Vision 2030.
In support of this vision, UK Export Finance, the UK’s export credit agency, guaranteed an Islamic Murabaha financing facility for $700 million to finance the construction of Six Flags Qiddiya. This deal means that UK supply chain companies will be instrumental in delivering the theme park, which will feature the world’s tallest, longest and fastest roller coaster.
I am here to take the UK-Saudi trade and investment partnership to the next level. Everyone I have spoken to in Riyadh — from ministers to businesspeople — has told me about the strength of the relationship. Indeed, our support for mutual economic growth includes significant investment in each other’s markets, with tens of billions of dollars invested in each other’s economies in recent years.
It is an exciting time to visit Saudi Arabia and I have seen for myself the Kingdom’s energy and ambition in the drive toward its Vision 2030.

Our message to the world is that the UK is not only open to business, it is the place to do business. 

Jonathan Reynolds

Next month, British Prime Minister Keir Starmer, Chancellor Rachel Reeves and I will host an international investment summit to outline the UK’s long-term plans and to hear from global industry leaders about their priorities and invite them to share in our vision. I look forward to meeting with business leaders and investors from Saudi Arabia and across the GCC. Our message to the world is that the UK is not only open to business, it is the place to do business.
The UK’s trade program will deliver deals that will benefit the UK economy and those of our partners by boosting trade with some of the most dynamic economies in the world. This is why I announced in July our intention to restart trade talks with the GCC toward a free trade agreement.
The UK’s bilateral trade with the GCC stood at £57.4 billion last year, with plenty of headroom to grow into.
A trade agreement with the GCC would unlock new investment both in the UK and here in the Gulf. It would simplify procedures, making it easier for our companies to do business with each other. Because our economies have strengths that complement each other, an agreement would remove barriers to trade and, in doing so, create mutual economic growth.
While the UK and the GCC are trading partners, we are much more than that. To more than 150,000 British people, the GCC is also home. Tourism figures in both directions remain very strong. The global introduction of the UK’s electronic travel authorization began with a rollout in the GCC for good reason. More than a million UK visitors travel to the GCC’s vibrant cities and tourist spots each year. Similarly, in 2023, the UK welcomed more than a million visitors from the GCC, including a record 286,000 visitors from Saudi Arabia.
All of this is possible thanks to the deep and enduring foundation of friendship built over generations between the UK and Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
As long-term strategic partners, we appreciate what the other has to offer. We prioritize the policies, programs and strategies that benefit our home economies, while recognizing the importance of mutual economic growth. I am confident that an ambitious and modern free trade deal would further strengthen our bonds, supporting our businesses to create lasting economic stability and prosperity for all our people.

• Jonathan Reynolds MP is the UK’s Secretary of State for Business and Trade.