The UAE and the United Kingdom will be at the forefront of the industries of the future after announcing closer ties, according to British Prime Minister Boris Johnson. He said both countries would have key roles in helping to tackle global issues such as climate change. UAE commits to invest $13.8bn in key sectors of
The UAE and the United Kingdom will be at the forefront of the industries of the future after announcing closer ties, according to British Prime Minister Boris Johnson.
He said both countries would have key roles in helping to tackle global issues such as climate change.
UAE commits to invest $13.8bn in key sectors of UK economy
UK Office for Investment and Abu Dhabi’s Mubadala Investment Company ink deal to significantly expand the UAE-UK Sovereign Investment Partnership
“The UAE and the UK share a long and rich history, but with today’s agreement we are looking to the future. By working ever more closely together, our nations will be at the forefront of the industries of the future, helping to tackle climate change and boost prosperity.
“Ambitious partnerships like this are central to the Government’s strategy to be a leading global force in science and technology, driving major investments to level up across the UK and create high-value jobs,” Johnson said after agreeing an ambitious Partnership for the Future with the UAE.
The deal aims to set a broad foundation for future cooperation, driving progress in science and innovation and supporting the security and prosperity of both countries.
The partnership will be underpinned by annual UK-UAE Strategic Dialogues, beginning later this year and chaired by the UK Foreign Secretary and her Emirati counterpart.
The UK Prime Minister hosted Sheikh Mohammed Bin Zayed for a bilateral meeting at Downing Street, a military Guard of Honour and a UK-UAE business reception.
The UAE is already a key partner for the UK, with total trade between our two countries worth £12 billion in 2020.
As part of the visit, the UK Office for Investment and UAE’s Mubadala Investment Company signed a major expansion of the Sovereign Investment Partnership (SIP) agreed earlier this year.
The deal will secure £10 billion investments across the UK in life sciences, technology, energy transition and infrastructure, supporting the Partnership for the Future and Johnson’s agenda to level up across the country.
The investments will create high-value jobs in both the UK and UAE and support our ambitious Net Zero targets by turbocharging the clean energy transition, a statement said.
Additional investments announced include a £500m investment in digital infrastructure builder CityFibre, for the rollout of high-speed broadband.
UAE to grow multibillion investment in UK as ruler visits London
UAE said this month it was seeking comprehensive economic agreements with countries showing high potential for growth, including the UK post-Brexit
UK Export Finance (UKEF) also announced a new £31 million clean growth loan to complete the construction of UAE environmental management company Bee’ah’s headquarters in Sharjah.
The building was designed by late British architect Dame Zaha Hadid and is entirely powered by renewable energy. The loan is facilitated by HSBC and is part of UKEF’s strategy to support the global transition to green energy and sustainable infrastructure.
The UK and UAE also launched a Partnership to Tackle Illicit Financial Flows, recognising this as a significant shared challenge for two major global financial centres. Both governments will develop a joint action plan to mitigate and address money laundering, financing of terrorism and other issues related to illicit finance.