Saudi Arabia and the United Kingdom announced more than $445 million in joint investments on Wednesday, including the establishment of venture capital funds and new regional offices.

UK Business Secretary Jonathan Reynolds made the announcement at the one-day Great Futures summit in London, where executives from both countries gathered to make business deals and boost bilateral trade, according to a Wednesday statement from the UK Department for Business and Trade. The Great Futures initiative, launched in Riyadh in May 2024, is geared toward strengthening the economic partnership between Saudi Arabia and the United Kingdom.

The new investments include the following:

• The Saudi energy company Alfanar opened a UK headquarters in London, marking a $126 million investment that will create 80 jobs. The office will support the Lighthouse Green Fuels, Alfanar's $2.69 billion project in Teesside, northern England, set to become the world’s largest sustainable aviation fuel facility. Alfanar is both the developer and operator of the project.
• The UK investment firm Lexham Partners and  the Saudi brokerage firm ANB Capital announced plans to launch a $200 million Middle East and North Africa Growth Fund focused on the region's growth-stage tech companies.
• Later this year, the London-based venture capital firm Salica Investments will launch a second $75 million fund aimed mainly at early stage technology companies in Saudi Arabia, the UK Trade and Investment Ministry announced in its statement on Wednesday. Salica launched the first $50 million fund in 2021. As of Wednesday, 13 of the fund’s portfolio companies had acquired a commercial license and started operations in the kingdom.
• The Saudi shariah-compliant real estate company IIG announced a $80.62 million UK property fund, the Trade and Investment Ministry announced Wednesday, having opened its European headquarters in London last October.
• The British consultancy Control Risks  announced plans to establish a regional headquarters in Riyadh that will employ more than 50 people.
• The UK payment platform Paymentology is currently establishing a presence in Riyadh, tapping into the kingdom’s burgeoning fintech market. The company is committing $7.5 million through local hiring and cloud infrastructure.