UAE’s state-owned holding company, Mubadala Investment Company and the UK Office for Investment (OfI) signed an agreement at Downing Street to significantly expand the UAE-UK Sovereign Investment Partnership (UAE-UK SIP), building on a framework for investment announced in March 2021.
The UAE-UK SIP, over the next five years, plans to drive a significant increase in investment across a further three sectors, technology, infrastructure, and energy transition, as well as build on the existing program of life sciences investment.
As part of the agreement, the UAE has committed $13.7 billion, through the UAE-UK SIP, to build on Mubadala’s $1.1 billion commitment and the British government’s $275 million to UK life sciences when the partnership was established in March.
The UAE-UK SIP will become the central investment platform under the new Partnership for the Future bilateral framework, which was agreed at a meeting between UK Prime Minister Mr. Boris Johnson and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces. The deal was welcomed by officials from both countries as a step-change in the relationship.
Khaldoon Al Mubarak MD & Group CEO Mubadala
“Today’s expansion of our Sovereign Investment Partnership will help accelerate funding and innovation in key sectors that are foundational to the economic growth of both nations. It is a testament to the UK’s innovation economy that we are ahead of target with the UAE-UK SIP life sciences program, which we announced in March of this year. We are already developing ambitious energy transition, technology and infrastructure investment programs that create new jobs and strengthen commercial ties between our nations.”
The UK authorities said the framework offered the country new ways of meeting its post-Brexit growth ambitions. The Partnership for the Future builds on historical ties to formalize and guide trade, investment, and innovation relations between the UAE and the UK. It will also establish new collaborations across priorities, including climate change, education, regional stability, and food security.
“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,” said Lord Grimstone, UK Minister for Investment.
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