17th September, 2021
Agency Reports
The United Arab Emirates (UAE) will invest £10 billion into the UK under a strategic partnership marking 50 years since its founding after British rule, both governments announced Thursday.
The five-year investment will focus on technology, infrastructure and climate-focused energy transition, according to a joint statement.
It was announced following talks in London between Prime Minister Boris Johnson and Abu Dhabi Crown Prince Mohammed bin Zayed, the UAE’s de facto ruler.
The pair inspected a British Army honour guard as the energy-rich UAE builds up to the December celebration of its founding in 1971, after Britain had relinquished control over its constituent emirates.
Mubadala, Abu Dhabi’s sovereign wealth fund, said its investment plans would “drive a significant increase” across the three target sectors, building on an existing deal.
In March, Mubadala committed an initial £800 million to UK life sciences including healthcare research over five years.
The new investment is a boost to the Johnson government’s vows to boost trade with the rest of the world, including the Middle East, after Britain left the European Union fully in January.