The United Arab Emirates pledged to invest £10 billion ($13.8 billion) into the United Kingdom over the next five years, aiming to strengthen the long-running business ties between the two countries and to diversify the Gulf state’s economy beyond fossil fuels.
The British government announced the new partnership in a press release as the UAE’s de facto ruler, Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan, met with UK Prime Minister Boris Johnson in London on Thursday.
“Attracting investment has become globally competitive, and there’s never been a better time to be taking part and investing in the UK,” said Gerry Grimstone, the UK Minister for Investment. “This partnership has gone from strength to strength and its expansion is evidence of its effectiveness and what we can achieve with important trade and investment partners like the UAE through investment.”
In a separate statement, Emirati state-owned Mubadala Investment Company said that UAE will pour out £10 billion to significantly expand the UAE-UK Sovereign Investment Partnership (UAE-UK SIP), which is overseen by the UK Office for Investment and Mubadala.
“Over the next five years, the UAE-UK SIP will drive a significant increase in investment across a further three sectors: technology, infrastructure, and energy transition, as well as build on the existing program of life sciences investment,” Mubadala said in a statement.
The new commitment will help build on the previous £1.1 billion ($1.5 billion) that the Gulf state has poured into the British economy since the UAE-UK SIP was established in March, including the £800 million ($1.1 billion) that it has committed into the UK’s life sciences sector.
Mubadala CEO Khaldoon Al Mubarak said the expansion of the UAE-UK SIP “will help accelerate funding and innovation in key sectors that are foundational to [the] economic growth of both nations.”
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