The UAE will invest nearly €12 billion in the UK’s technology, infrastructure and energy transition sectors, Mubadala, an Abu Dhabi-based sovereign wealth fund, announced on Thursday.
This sum comes on top of an investment partnership between the two countries launched in March, with an initial pledge of £800 million (€928 million) by Mubadala and £200 million (€234 million) by the UK in science.
£10 billion over five years
“Emirates commit to (invest) £10 billionMubadala said in a statement, adding that this commitment, like the previous one, is for a period of five years. This initiative willencourage a significant increase in investment“in the sectors”Technologies, infrastructures and energy transition‘ Said the sovereign wealth fund. It’s about “of key sectors that form the basis of the economic growth of the two nations‘” Khaldoun al-Mubarak, chief executive of Mubadala, was quoted as saying in the press release.
For his part, British investment minister Gerry Grimstone considered this partnership “expand the exchange of knowledge, skills and ideasbetween the two countries, the statement said. Thursday’s announcement comes as part of a visit to the UK by Mohammed bin Zayed, Crown Prince of Abu Dhabi, the capital of the United Arab Emirates. The de facto leader of this prosperous Gulf state met British Prime Minister Boris Johnson, with whom he witnessed the changing of the guard.
With the UK hosting climate COP 26 in Glasgow in November, the new partnership sees British giant BP join forces with Abu Dhabi’s national oil company and renewable energy company Masdar on climate-focused investments.
The partnership also plans to strengthen military ties between the UK and the Emirates – which have strained ties with Iran – with London announcing it plans to step up its land exercises there. Mubadala is one of the largest sovereign wealth funds in the world, investing in various sectors worldwide. In France, it has notably invested in the Lac d’Argent fund to support the capitalization of large companies.