UK Chancellor Rachel Reeves is leading a British delegation to Saudi Arabia in an effort to make progress on a potential trade deal with the Gulf Co-operation Council (GCC).
Ms Reeves, the first chancellor to visit the Gulf in six years, said she had had "really good meetings" about the deal, with a series of announcements on investment between the UK and Saudi Arabia expected over the coming days.
She said she was "confident that we can get that deal over the line." a trade deal with the GCC could be finalised, speaking at Fortune magazine's global forum in Riyadh on Monday.
She will attend the Future Investment Initiative (FII) in the city and meet senior Saudi royals, US administration figures and global business chiefs during her stay.
Ms Reeves is under pressure in the UK to grow the economy, with less than a month to go before a budget expected to involve tax rises.
She 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, making that case in our national interest.
“After our landmark deals with the US, EU and India, we’re determined to build on that momentum by going further and faster on partnerships that create good jobs, boost business and bring investment into communities across the UK – from the North East to the Oxford-Cambridge corridor.”
Earlier this year, UK Prime Minister Keir Starmer hailed “good progress” on efforts to seal a trade deal after a meeting with Saudi Crown Prince Mohammed bin Salman, discussing the importance of strengthening economic partnerships to provide further certainty for businesses.
The UK Treasury hopes a trade deal could add £1.6 billion ($2.1 billion) to the economy and contribute an additional £600 million to UK workers’ annual wages in the long term.
Ms Reeves is expected to set out an ambition to work constructively towards this goal, while acknowledging “areas of divergence and cultural differences”, officials have said.
Ms Reeves will speak at the Fortune Global Forum and FII in an attempt to persuade business leaders that the UK is a stable investment destination.
Faced with being forced to use tax increases or spending cuts in the Budget to meet her commitment to balancing day-to-day spending with tax receipts rather than extra borrowing, Ms Reeves will stress her “ironclad” commitment to the fiscal rules.
