The UK Office for Investment and UAE sovereign wealth fund Mubadala announced the investment in a statement on Thursday, saying that it would promote economic growth and job creation in the two countries and increase investment into technology, infrastructure and renewable energy.
The UAE has already put 1.1 billion dollars into the UK economy since the sovereign investment partnership was established in March, including 800 million $1.1 billion in the life sciences sector.
Today's expansion of the sovereign investment partnership will help accelerate funding and innovation in key sectors which are foundational to the economic growth of both nations, said Mubadala CEO Khaldoon Al Mubarak.
We are already developing ambitious energy transition, infrastructure investment programs and technology investment programs to create new jobs and strengthen commercial ties between our nations, he added.
The agreements will bolster the UAE's 10-year plan, unveiled earlier this month to double the size of its economy and attract $150 billion in foreign direct investment by 2030. The major oil and gas producer wants to expand exports, including in the United Kingdom, Russia and China, and attract foreign talent by relaxing visa requirements. Under the agreement with Britain, investments will be prioritized based on their potential to support job creation in both countries, strengthen national research and development capacities and enhance economic ties. it added. In a separate statement, Mubadala said that its partnership with the United Kingdom would include a cooperation in climate action with a particular focus on renewable energy. The collaboration could be deepened through future renewable energy deals between Abu Dhabi's national oil company, local firm Masdar and, it added.