UAE to invest £10b in priority UK industries
‘PARTNERSHIP FOR FUTURE’ TO STRENGTHEN INVESTMENT
The UAE will invest £10 billion in three priority UK sectors — technology, infrastructure, and energy transition — in the next five years following an agreement signed by Abu Dhabi’s investment company Mubadala and the UK Office for Investment (OfI) at 10 Downing Street in London yesterday.
The agreement was signed on the sidelines of the visit of His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to the UK where he held talks with British Prime Minister Boris Johnson.
The Mubadala-Ofl agreement expands the UAE-UK Sovereign Investment Partnership (UAEUK SIP) announced in March.
We are confident that Britain’s participation [in Expo 2020 Dubai] will pave the way for more opportunities for economic and development partnership between our two countries.”
Shaikh Mohammad Bin Zayed Al Nahyan
Central investment platform
The UAE-UK SIP will become the central investment platform under the ‘Partnership for the Future’ bilateral framework agreed yesterday by the leaders.
The ‘Partnership for the Future’ is based on two main pillars: Driving sustainable prosperity and addressing global issues such as climate change. It will be a launchpad to develop trade, investment and innovation.
Earlier, Johnson welcomed Shaikh Mohammad Bin Zayed saying that the visit “represents strong support for the development of relations”. Shaikh Mohammad Bin Zayed said that the UAE is keen to develop the trade and investment programme agreed upon in December 2020. “One of the most important aspects of our developmental projects for the next 50 years is promoting partnerships with various countries, especially with the UK,” he added.
‘UK’s participation in Expo will create opportunities’
Shaikh Mohammad Bin Zayed pointed out that the UAE is on the cusp of hosting a major global event — Expo 2020 Dubai. “We are confident that Britain’s participation will pave the way for more opportunities for economic and development partnership between our countries. In the UAE, we seek to make this event a turning point on the road to promoting global economic recovery, establishing global partnerships, and finding common ground to confront global challenges,” he said.
Johnson thanked Shaikh Mohammad Bin Zayed for the UAE’s support in evacuating UK citizens from Afghanistan.
The UK Office for Investment (OfI) and Abu Dhabi’s Mubadala Investment Company yesterday signed an agreement at Downing Street to significantly expand the UAEUK Sovereign Investment Partnership (UAE-UK SIP), a framework for investment announced in March 2021.
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 programme of life sciences investment.
As part of yesterday’s agreement the UAE has committed £10 billion via the UAE-UK SIP, overseen by the OfI and Mubadala, one of the world’s leading sovereign investors. This builds on Mubadala’s £800 million commitment and the UK Government’s £200 million to UK life sciences when the partnership was established in March.
From yesterday, the UAE-UK SIP will become the central investment platform under the new Partnership for the Future bilateral framework, which was also agreed today at a meeting between UK Prime Minister Boris Johnson and His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
Khaldoon Al Mubarak, Mubadala’s Managing Director and Group CEO, said, “Today’s expansion of our Sovereign Investment Partnership will help accelerate funding and innovation in key sectors that are foundational to economic growth of both nations.
Strengthen ties
“It is a testament to the UK’s innovation economy that we are ahead of target with the UAE-UK SIP life sciences programme, which we announced in March of this year. We are already developing ambitious energy transition, technology and infrastructure investment programmes that create new jobs and strengthen commercial ties between our nations.”
UK Minister for Investment, Gerry Grimstone, said, “Attracting investment has become globally competitive, and there’s never been a better time to be taking part and investing in the UK.
“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. The partnership will expand the exchange of knowledge, skills and ideas that will drive prosperity in both nations.”