“Our businesses are ambitious and have what it takes to compete with the best, but they often need that extra push to get into new markets,” said Middlesbrough mayor Chris Cooke last month, as Tees Valley rolled out fresh export support. For manufacturers from Teesside to Tyneside, that push may now come from Riyadh.

UK Export Finance has signed a memorandum of understanding with Saudi Arabia’s Public Investment Fund to put a £4–5bn financing envelope behind contracts for UK suppliers into PIF-backed projects. The deal was signed on 28 October 2025 at the Future Investment Initiative in Riyadh, with Chancellor Rachel Reeves and the UK’s Investment Minister present. The government says the structure is designed to make it easier for PIF portfolio companies to buy British.

Reeves called the agreement “exactly the kind of international cooperation that will drive growth, create good jobs and deliver higher living standards,” while UKEF chief executive Tim Reid said Saudi Arabia’s Vision 2030 “presents significant economic opportunities for British businesses.” Those are big claims, but for Northern exporters the ask is straightforward: be bid‑ready.

PIF’s programme spans so‑called giga‑projects including NEOM, Red Sea Global, Qiddiya, ROSHN and Diriyah. These schemes point to demand for UK strengths in steelwork, offsite fabrication, clean energy kit, water treatment, rail systems, consulting and digital. If UKEF support underwrites buyer finance, procurement teams have more reason to shortlist British bids.

Closer to home, Yorkshire and the North East are already organising for the Gulf. West & North Yorkshire Chamber’s Saudi Arabia and Bahrain mission runs 9–14 November with embassy briefings and in‑market matchmaking, giving SMEs a route to the room where tenders are scoped. It follows a series of Gulf visits by the Chamber’s network this year.

Tees Valley, meanwhile, has launched a £300,000 grant pot to help firms internationalise-covering trade fairs, market adaptations and specialist advice. It’s modest money but timely, with Saudi demand rising in infrastructure, construction and clean tech. As Cooke put it, the aim is to give companies “the tools, knowledge and confidence to take that leap.”

None of this removes the homework. UKEF’s support comes with environmental, social and human rights due diligence aligned with OECD Common Approaches and the Equator Principles. Exporters should plan for these standards early-alongside robust anti‑bribery controls and supply‑chain checks-to keep bids moving.

There’s also a realism check on Saudi delivery. PIF has marked down valuations on some mega‑projects and timelines have shifted. That doesn’t shut the door-it means Northern firms should price risk carefully, insist on staged payments and prepare for long lead times. The upside remains large, but cashflow discipline matters.

Trade policy could add momentum. Reeves said this week she is hopeful a UK‑GCC trade deal can be wrapped up “very soon,” which would smooth the path for services and goods alike. If that lands, the combination of treaty access and UKEF‑backed buyer finance could make the numbers stack up for more Northern bids.

What happens next? UKEF’s MoU opens a door; it doesn’t place orders. The task now sits with Northern management teams to register with PIF portfolio buyers, firm up local partners in‑kingdom, and lean on UKEF’s regional managers. The opportunity is real; whether it turns into jobs on the Tyne, in Leeds or on Teesside will come down to how quickly the North gets in the queue.