The UK Office for Investment and Abu Dhabi鈥檚 Mubadala Investment Company have signed an agreement at Downing Street to significantly expand the UAE-UK Sovereign Investment Partnership, a framework for investment announced in March 2021.
Over the next five years, the UAE-UK SIP will drive a significant increase in investment across a further three sectors: technology, infrastructure and energy transition, as well as build on the existing programme of life sciences investment.
The UAE has committed 拢10 billion via the UAE-UK SIP, overseen by the OfI and Mubadala. This builds on Mubadala鈥檚 拢800 million commitment and the UK Government鈥檚 拢200m to UK life sciences when the partnership was established in March.
鈥淭oday鈥檚 expansion of our Sovereign Investment Partnership will help accelerate funding and innovation in key sectors that are foundational to economic growth of both nations,鈥� said Khaldoon Al Mubarak, Mubadala MD and group CEO.
鈥淚t is a testament to the UK鈥檚 innovation economy that we are ahead of target with the UAE-UK SIP life sciences programme, which we announced in March of this year.聽
鈥淲e are already developing ambitious energy transition, technology and infrastructure investment programmes that create new jobs and strengthen commercial ties between our nations.鈥�
/blog/2021/09/16/spacetech-at-fore-as-tech-nation-reveals-net-zero-cohort/
UK Minister for Investment, Gerry Grimstone, added: 鈥淎ttracting investment has become globally competitive, and there鈥檚 never been a better time to be taking part and investing in the UK.
鈥淭his 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.聽
鈥淭he partnership will expand the exchange of knowledge, skills and ideas that will drive prosperity in both nations.鈥�