728 x 90

UAE to grow multibillion investment in UK as ruler visits London

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 The United Arab Emirates will invest billions of pounds in UK infrastructure, clean energy and technology over the coming years as the Gulf state seeks to strengthen trade ties beyond the Middle East. The

UAE said this month it was seeking comprehensive economic agreements with countries showing high potential for growth, including the UK post-Brexit

The United Arab Emirates will invest billions of pounds in UK infrastructure, clean energy and technology over the coming years as the Gulf state seeks to strengthen trade ties beyond the Middle East.

The pledge will come during the visit of Sheikh Mohammed bin Zayed Al Nahyan to London, and investments will “comfortably” reach 2 billion pounds ($2.76bn) by the end of the year, the head of the country’s Mubadala Investment Co. wealth fund, Khaldoon Al Mubarak, told the Financial Times.

The UAE’s overall commitment over five years would reach about 10bn pounds ($14bn), the FT reported, citing an unnamed UK government official.

The UK is looking to beef up its trading relationships further afield as part of its post-Brexit pivot away from Europe. Earlier, the government in London said the UAE will invest $690 million in U.K.-based CityFibre to roll out high-speed broadband.

The plans expand a Sovereign Investment Partnership between the two countries agreed on earlier this year, a statement from the office of UK Prime Minister Boris Johnson said.

The UAE said this month it was seeking comprehensive economic agreements with countries showing high potential for growth, including the UK post-Brexit. The UAE and UK will focus on investments across the UK in life sciences, technology, energy transition and infrastructure, the statement by Johnson’s office said.

The two countries will also agree on a partnership to tackle illicit financial flows, it said, without giving details.

Mo
ADMINISTRATOR
PROFILE

Posts Carousel

Latest Posts

Top Authors

  • Mo
    ADMINISTRATOR

Most Commented

Featured Videos