Greater Manchester is to benefit from a £250 million investment and an extra 1,000 jobs as part of plans to pursue closer UK-Saudi relations.
Graphene Innovation Manchester (GIM) is set to announce the launch of the world’s first commercial production of graphene-enriched carbon fibre, with Saudi Arabia’s NEOM Giga-Project – a groundbreaking step forward in environmentally sustainable advanced materials.
The project aims to generate £250 million of investment into a research and innovation hub in Greater Manchester and is expected to create more than 1,000 skilled jobs in the region.
The announcement comes as Prime Minister Sir Keir Starmer visits the Gulf region to meet forge stronger economic and security relations between the UK and Saudi Arabia and the United Arab Emirates.
Prime Minister Sir Keir Starmer said:
“Every region and nation in the United Kingdom should feel the impact of our Plan for Change, which is why I am in the Gulf forging closer ties and strengthening relationships that support our growth mission in every corner of the country.
“I am determined to ensure international diplomacy drives local results, whether that is discussing how we can support regeneration in the UK or supporting business deals that create jobs – my international agenda starts at home.”
Greater Manchester is also benefitting from significant Saudi investment in housing, with International Investment Gate injecting £41 million into the regeneration of Brunswick Mill in Stockport, creating 277 flats and 24 commercial outlets. A Saudi investor, Eamar Development, also purchased Stockport’s iconic Pyramid in 2019, and will become home to Royal Nawaab, a 350-cover Indian restaurant and banqueting facilities for events of up to 700 diners.
The Prime Minister’s visit to Gulf will also progress net zero plans. The Prime Minister will be joined in Saudi Arabia by North East Mayor, Kim McGuinness, to progress UK-Saudi discussions on green energy investment opportunities with the North East region: the UK and Saudi Arabia are working together to establish a new Joint International Institute for Clean Hydrogen to advance clean energy research. Oxford-based private equity fund HYCAP is also supporting Saudi Arabia’s plans to reach net zero emissions by 2060 by investing £785 million to develop hydrogen mobility clusters in Northern Ireland and across the UK.
Energy Secretary Ed Miliband said:
“[A]greements show how the UK is working with countries in the Gulf and elsewhere around the world to bring investment and jobs to Britain.
“Clean energy can be the source of the jobs of the future and these new investments and partnerships will deliver new jobs in new industries, boosting our country’s energy independence, and our economic growth.“
Earlier this month, UK cleantech leader, Carbon Clean, signed a collaboration with Saudi-based firm Aramco to collaborate on innovative modular carbon capture technology, aiming to create 2,000 UK jobs.
UK based Sustainable Cement Company, Next Generation SCM and Saudi-based City Cement Company have also partnered to supply sustainable concrete, to produce 2.5 million tonnes a year of sustainable cement and concrete materials. The pioneering process is expected to drive £200 million of investment over the next five years and create more than 200 jobs in Saudi Arabia and the UK.
