Saudi Arabia and Britain have launched new joint investments worth more than GBP360mn ($457mn) during the Great Futures Summit in London on September 3, creating 187 jobs across both nations with 97 positions in the UK, the Department for Business and Trade reported on September 3.

The investments will support clean energy and professional and financial services sectors, with new UK investments worth over GBP150mn ($191mn) including Alfanar launching its new headquarters in London to establish a global hub for its transport decarbonisation business.

International Investment Gate has opened its European headquarters in the British capital to oversee GBP550mn ($699mn) of UK assets under management alongside a new GBP60mn ($76mn) UK property fund.

More than 4,100 UK jobs have been created through over GBP3.7bn ($4.7bn) of UK-Saudi deals since the Great Futures campaign launch in May 2024.

Business and Trade Secretary Jonathan Reynolds said the new investment announcements represent "not only a major vote of confidence in our economy but demonstrate our thriving partnership with Saudi Arabia."

Dr Majid Al-Kassabi, Saudi Minister of Commerce, said the summit represents "a defining moment in our strategic partnership with the United Kingdom, demonstrating how Vision 2030 and the UK's Industrial Strategy create unprecedented opportunities for mutual prosperity."

Alfanar's London office will deliver GBP94mn ($119.6mn) of investment, creating 80 skilled jobs to support the GBP2bn ($2.54bn) Lighthouse Green Fuels project in Teesside, which is set to become the world's largest Sustainable Aviation Fuels facility.

Specialist risk consultancy firm Control Risks is establishing a regional headquarters in Riyadh that will employ over 50 people in the kingdom with a focus on developing Saudi talent, whilst Howden is launching a reinsurance business in Saudi Arabia in a multi-million-pound investment potentially creating up to 30 jobs, the British government press release noted.

Al-Kassabi added, "As we advance our Strategic Partnership, we are not just building economic ties but forging lasting bonds that will define the future of the UK-Saudi relationship."