LONDON — The United Arab Emirates will invest billions into the UK
under a strategic partnership marking 50 years since its founding after British
rule, both governments announced Thursday.
اضافة اعلان
The five-year investment worth £10 billion 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 honor 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.
"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," Minister for
Investment Gerry Grimstone said.
UK-UAE trade was worth £18.6 billion in 2019 and two-way investment came to
£13.4 billion, according to British government data.
"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," said Mubadala chief executive Khaldoon
Al Mubarak.
In the run-up to Britain hosting the COP26 summit in November, the new
partnership envisages energy giant BP collaborating with the Abu Dhabi National
Oil Company and renewables firm Masdar on climate-focused investments.
Those potentially include "low-carbon hydrogen hubs" and the
creation of a carbon-neutral air corridor between the two countries, the
statement said.
The partnership also encompasses reinforcing strong military ties between
Britain and the UAE, whose relations with Gulf neighbor Iran are tense.
Britain said it planned to increase land exercises in the UAE.
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