UK Export Finance and Saudi Arabia’s sovereign wealth fund have signed a deal to help British companies access billions of pounds in contracts tied to Saudi projects, the Government of United Kingdom announced. UKEF has set a market risk appetite of £4-5 billion in Saudi Arabia and will work with the Public Investment Fund (PIF) and its portfolio companies to connect UK suppliers with upcoming opportunities.
The memorandum of understanding creates a framework for UKEF and PIF to share business knowledge and spot projects that benefit both sides. It also makes procurement easier—companies in PIF’s network can now more easily buy goods and services from UK contractors backed by UKEF financing.
Chancellor Rachel Reeves says the agreement strengthens economic ties between Britain and Saudi Arabia, one of the world’s fastest-growing economies. “This is exactly the kind of international cooperation that will drive growth, create good jobs and deliver higher living standards for working people across the UK,” she said. Minister for Investment Lord Stockwood called it a win for British businesses, noting that it fits with the UK’s trade talks with the Gulf Cooperation Council.
Fahad AlSaif, PIF’s Head of Global Capital Finance, says the deal reflects the fund’s strategy to work with top global financial institutions. “This collaboration will further enable our portfolio companies to access international capital and expertise and deliver transformative projects that contribute to sustainable economic growth in line with Vision 2030,” he said. UKEF CEO Tim Reid says Saudi Arabia’s Vision 2030 offers big opportunities for British exporters. The partnership, he adds, doesn’t just open doors—it creates a gateway for supply contracts and growth across both countries.
