UAE to pour billions into UK

UAE to pour billions into UK

2021-09-16 10:20:00 PM

UAE to pour billions into UK

The United Arab Emirates will invest billions into the UK under a strategic partnership marking 50 years since its founding after British rule.

Crown Prince of Abu Dhabi, Mohamed bin Zayed Al Nahyan met Britain's Prime Minister Boris Johnson at Downing Street.AFP/Justin TallisLONDON - 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.

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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.

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. headtopics.com

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.UK-UAE trade was worth £18.6-billion in 2019 and two-way investment came to £13.4-billion, according to British government data.

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