RIYADH: The UK-Gulf Cooperation Council free trade agreement has shifted the focus of an upcoming London forum toward investment partnerships and practical implementation, according to the CEO of the organizing firm.
In an interview with Arab News ahead of the UK-GCC Strategic Dialogue on Oct. 20, the Business Year's Carlos Martinez said the agreement had changed the nature of discussions surrounding the event, with businesses and investors increasingly focused on how to benefit from the new trade framework.
The UK and GCC concluded negotiations on the free trade agreement on May 20, making Britain the first G7 country to secure such a deal with the six-member bloc.
The FTA is expected to eliminate tariffs on approximately 93 percent of goods, removing an estimated £580 million ($766 million) in annual duties once fully implemented.
The forum will be the first major UK-GCC business gathering since negotiations concluded, and among the more than 350 senior leaders set to attend are GCC Secretary-General Jassem Mohamed Al-Budaiwi and UK Minister of State for Trade Anas Sarwar, alongside senior representatives from Gulf economic authorities and financial institutions.
“When we began developing the UK-GCC Strategic Dialogue, negotiations were still underway. Now that they have concluded, the conversation has moved on to what happens next,” Martinez said.
The forum, set to be held at London’s historic Guildhall, will bring together senior government officials, investors and business leaders from the UK and all six GCC countries to explore opportunities in trade, finance, infrastructure, technology and clean energy.
New opportunities
UK-GCC trade reached approximately £53 billion in 2025, with the FTA projected to increase bilateral trade by 19.8 percent over the long term, equivalent to an additional £15.5 billion annually.
“The biggest change is that we now have a clearer framework for where the relationship is heading,” Martinez said.
He highlighted opportunities in financial and professional services, advanced manufacturing, life sciences, clean energy and technology, alongside infrastructure, engineering and education.
While some businesses could benefit relatively quickly from tariff reductions and streamlined customs procedures once the agreement enters into force, larger investments and partnerships would take longer to materialize, he noted.
“The foundations are there and the challenge now is to turn them into real commercial activity,” Martinez added.
Investment prospects
Saudi Arabia’s economic diversification under Vision 2030 is expected to create opportunities for British companies seeking to expand their presence in the Kingdom.
Martinez identified engineering, healthcare, education, technology, advanced manufacturing and financial services as sectors where British expertise could support Saudi Arabia’s economic transformation.
“The FTA should help create a more predictable environment for trade and investment, which is particularly important for companies considering long-term commitments,” he said.
However, Martinez emphasized that businesses must understand local priorities, establish suitable partnerships and demonstrate how their operations contribute to the Kingdom’s economic objectives.
“Those that take the time to build a genuine presence will be better positioned to benefit,” he added.
The agreement is also projected to contribute £3.7 billion annually to the British economy and generate £1.9 billion in real wage gains over the long term, according to UK government estimates.
Senior participation
Other participants at the forum include Martin Gilbert, chairman of Revolut; Nasser Al-Kindi, CEO of Invest Oman; and Deemah Al-Yahya, secretary-general of the Digital Cooperation Organization.
Senior representatives from Qatar’s economic institutions, including the Qatar Free Zones Authority, are also expected to participate.
An accompanying UK-GCC special report draws on over 120 interviews with ministers, ambassadors, regulators, investors and business executives across both regions.
“The agreement has given the event a very clear focus. All stakeholders are asking how they can benefit from the new framework, and this event is a crucial stepping stone on the journey to full implementation,” Martinez said.
He highlighted the importance of bringing government representatives and business leaders together to align policy objectives with investment priorities.
“Government provides the framework, but businesses and investors are the ones who ultimately turn it into trade, investment, and jobs,” the CEO added.
Implementation challenges
Despite the agreement’s projected benefits, Martinez cautioned that businesses would still face regulatory, financial and operational challenges when entering new markets.
The agreement must complete the necessary procedures before entering into force, while companies will need clarity on customs arrangements, market access and local regulations.
He highlighted difficulties in identifying reliable partners, navigating procurement processes and securing financing, particularly for smaller companies without an established international presence.
“Lower tariffs and improved market access are valuable, but businesses need clarity about how the new arrangements work in practice,” Martinez said.
He noted that governments, trade organizations, financial institutions and business associations would have important roles in helping companies navigate the new framework.
Future partnerships
While the London forum is expected to facilitate discussions between investors, policymakers and businesses, Martinez cautioned against expecting immediate investment announcements or signed agreements.
He explained that substantial cross-border investments require sustained engagement, with the event intended to connect potential partners and identify obstacles to commercial cooperation.
“Some discussions may lead to partnerships or investment further down the line, but it would be premature to promise specific announcements,” he said.
Martinez added that The Business Year intends to continue facilitating engagement between the two regions as implementation progresses, rather than treating the London gathering as a standalone event.
“Our aim is to build lasting relationships, rather than treat this as a one-off event,” he said.
He emphasized that the forum’s success would ultimately depend on whether participants translate their discussions into investment and commercial activity.
“The real measure of success will be what people do after the event.”