The UAE’s investment in the UK will focus on infrastructure, clean energy and technology
The United Arab Emirates (UAE) will invest £10 billion (U.S. $ 13.8 billion) into the United Kingdom (U.K.) over the next 5 years, as the Gulf seeks to diversify its economy beyond fossil fuels.
The investment will focus on infrastructure, clean energy and technology. The pledge came during the visit of de facto ruler of Abu Dhabi – Sheikh Mohammed bin Zayed Al Nahyan to London. The announcement was made by Abu Dhabi wealth fund Mubadala Investment Co., which has U.S. $ 243 billion under management and the U.K. Office for Investment.
The UAE has already invested £1.1 billion (U.S. $ 1.5 billion) into the U.K. economy since the “sovereign investment partnership” was established in March 2021, including £ 800 million (U.S. $ 1.1 billion) into the life sciences sector.
Taking it to twitter, the Prime Minister of U.K. – Boris Johnson tweeted,
The UK and the UAE share a long and rich history, but His Highness @MohamedBinZayed and I are focused on the future.
— Boris Johnson (@BorisJohnson) September 16, 2021
Our two countries are working together to harness the technologies of the future to address climate change and deliver prosperity for our people.
🇬🇧🇦🇪 pic.twitter.com/dRUjsXlnJQ
Sheikh Mohammad bin Al Nahyan tweeted (translated from Arabic),
I was pleased to meet with Prime Minister Boris Johnson for in-depth talks in London today. Together, we discussed ways of further strengthening the robust & longstanding strategic ties between the UAE & the UK, & other areas of mutual interest in the region & around the world. pic.twitter.com/SiBMddMKwz
— محمد بن زايد (@MohamedBinZayed) September 16, 2021
Both leaders welcomed the progress that bilateral relations have made during this time and underlined their high ambition for the future of the relationship. The U.K. and the UAE are committed to tackling global issues together, in friendship, and in recognition of the opportunity created by the depth of the strategic relationship between the two nations. In order to dramatically expand the breadth and depth of the bilateral relationship, the leaders agreed to establish a Partnership for the Future between the U.K. and UAE
Speaking on the occasion, the CEO of Mubadal Investment Co. – Khaldoon Al Mubarak said, “Today’s expansion of our sovereign investment partnership will help accelerate funding and innovation in key sectors that are foundational to [the] economic growth of both nations.”
Under the agreement, investments will be prioritized based on their potential to support job creation in both countries. The agreement will strengthen national research and development capabilities and enhance economic ties. The agreement will bolster the UAE’s 10-year plan, unveiled earlier this month, to double the size of its economy and attract U.S. $ 150 billion in foreign direct investment by 2030. The UAE also wants to increase exports, including to the U.K., Russia and China and attract foreign talent by relaxing visa requirements.
