The United Arab Emirates (UAE) has pledged an investment worth £10 billion in British infrastructure, technology and clean energy as it expands its current partnership with the UK government.
The recently signed agreement now doubles the investment amount anticipated when the UAE and the UK announced its five-year-long “sovereign investment partnership” back in March this year. The initial investment pledge from the state fund of Abu Dhabi, Mubadala, was £800 million to help fund Britain’s life sciences sector.
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Chief Executive for Mubadala, Khaldoon al-Mubarak, told the Financial Times that, to date, the UAE had invested £1.1 billion in UK funds and companies over the last six months. This extensive investment included £500 million in CityFibre.
The Chief Executive noted that he anticipated the UAE’s investments to reach £2 billion by the end of 2021. He commented:
“These are all spaces that will grow substantially in the next period and both countries see eye-to-eye in terms of that outlook.”
The new deals were announced alongside a meeting between the UAE’s leader and Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed al-Nahyan, and the UK’s Prime Minister, Boris Johnson, during a state visit to strengthen trade and economic ties between the two countries.