The UK Office for Investment and Abu Dhabi’s 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 £10 billion via the UAE-UK SIP, overseen by the OfI and Mubadala. This builds on Mubadala’s £800 million commitment and the UK Government’s £200m to UK life sciences when the partnership was established in March.
“Today’s expansion of our Sovereign Investment Partnership will help accelerate funding and innovation in key sectors that are foundational to economic growth of both nations,” said Khaldoon Al Mubarak, Mubadala MD and group CEO.
“It is a testament to the UK’s innovation economy that we are ahead of target with the UAE-UK SIP life sciences programme, which we announced in March of this year.
“We are already developing ambitious energy transition, technology and infrastructure investment programmes that create new jobs and strengthen commercial ties between our nations.”
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UK Minister for Investment, Gerry Grimstone, added: “Attracting investment has become globally competitive, and there’s never been a better time to be taking part and investing in the UK.
“This 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.
“The partnership will expand the exchange of knowledge, skills and ideas that will drive prosperity in both nations.”