British finance minister Rachel Reeves said on Monday she was confident that a trade deal with Gulf nations could be finalised soon, following what she described as “really good” meetings in Riyadh. The agreement is expected to play a key role in her broader plan to accelerate economic growth in the UK.
“I am really confident we can get that deal over the line,” she said at a forum held in the Saudi capital, adding she was hopeful that the agreement could be reached “very soon”.
Reeves’ visit marks the first trip to the region by a British finance minister in six years. During her stay, she aims to advance trade negotiations while attending Saudi Arabia’s premier investment conference. She is also scheduled to meet her counterparts from Bahrain, Kuwait, and Qatar in an effort to push forward a trade agreement with the Gulf Cooperation Council (GCC) — a six-member bloc.
Successive British governments have pursued a trade deal with the GCC since the UK’s departure from the European Union in 2020. While in Saudi Arabia, Reeves is also expected to hold discussions with senior Saudi royals, members of former U.S. President Donald Trump’s administration, and leading global business figures attending the summit.
Last year, Saudi Arabia’s Public Investment Fund (PIF) acquired a 15% stake in London’s Heathrow Airport from Spanish infrastructure group Ferrovial, and the UK government has said it expects further Gulf investment announcements this week.
Meanwhile, Riyadh Air — Saudi Arabia’s new state-owned carrier, which placed an order in June for 25 Airbus A350 aircraft partly manufactured in the UK — has revealed that its inaugural flight will be to Heathrow.
The British finance ministry said on Sunday that Reeves would take a “frank and open” approach in her discussions with Gulf officials, addressing both opportunities for collaboration and areas of cultural and policy divergence.
