Oxbridge trio with Reeves on historic Gulf visit chasing fresh billions

The delegation is a two-day mission (today and tomorrow) and Reeves was the first Chancellor to visit the Gulf on an official capacity in six years.

Nicole Eagan, co-founder and strategic adviser of Cambridge cyber security world leader Darktrace, Dr Gordon Sanghera, CEO of Oxford Nanopore Technologies and Ed Bussey, CEO of Oxford Science Enterprises, were in the party.

Eagan is a former CEO of Darktrace, which is acknowledged as global leader in AI for cybersecurity that protects c10,000 organisations worldwide from evolving threats across their digital environment. Including cloud, email, network and operational technology.

The delegation was seeking deals with Gulf companies that drive growth and create good jobs and Reeves was due to meet with senior Saudi royals, US administration figures and global CEOs.

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.”

The Chancellor was set to use keynote addresses at the Fortune Global Forum on Monday and FII on Tuesday to champion the UK as a stable investment destination at a time of global uncertainty. She intended to point to the Government's ironclad commitment to its robust fiscal rules, a modern Industrial Strategy focused on key sectors of the future like AI, life sciences and financial services, and backing of key projects to unleash growth like the National Wealth Fund and expansion at Heathrow – in which the Saudi Public Investment Fund acquired a 15 per cent stake last year.

A key priority for the visit was to accelerate progress on a trade deal with the GCC to boost growth and deliver higher wages across the UK, with the Chancellor also expected to meet with opposites from Qatar, Bahrain and Kuwait.

A deal with the Gulf is expected to increase trade between both nations by 16 per cent, add £1.6 billion to UK GDP each and every year, and contribute an additional £600 million to UK workers’ annual wages in the long term.

Reeves has been clear that securing such trade deals is important for reversing the damage caused by decline of the past – including Brexit, austerity and the mini-budget – and putting more money in the pockets of working people through growth opportunities for business.

She is expected to set out an ambition to work constructively towards this on both sides in her conversations with Gulf counterparts, while being honest over areas of divergence and cultural differences.

Another priority was two-way investment between the UK and Saudi Arabia, with a major package of announcements set to be made this week.