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UAE to invest nearly € 12 billion in UK

2021-09-16T18:06:14.623Z

The United Arab Emirates will invest nearly 12 billion euros in the sectors of technology, infrastructure and transition ...



The United Arab Emirates will invest nearly 12 billion euros in the sectors of technology, infrastructure and energy transition in the United Kingdom, announced Thursday Mubadala, a sovereign wealth fund based in Abu Dhabi.

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This sum complements an investment partnership between the two countries launched in March, with an initial commitment of 800 million pounds (928 million euros) by Mubadala and 200 million (234 million euros) by the United Kingdom. in the scientific field.

10 billion pounds over five years

"

The Emirates are committed to (investing) 10 billion pounds (about 11.7 billion euros),

" Mubadala said in a statement, adding that this commitment, like the previous one, is for a period of five years.

This initiative will "

promote a significant increase in investments

" in the "

technology, infrastructure and energy transition

"

sectors

, said the sovereign wealth fund.

These are "

key sectors which are at the base of the economic growth of the two nations

", according to Khaldoun al-Mubarak, general manager of Mubadala, quoted by the press release.

British Investment Minister Gerry Grimstone said the partnership "

will broaden the exchange of knowledge, skills and ideas

" between the two countries, the statement said.

Thursday's announcement comes during a visit to the United Kingdom of Mohammed bin Zayed, crown prince of Abu Dhabi, capital of the United Arab Emirates.

The de facto ruler of this wealthy Gulf country met British Prime Minister Boris Johnson with whom he attended the changing of the guard.

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As the UK hosts the COP 26 climate change in Glasgow in November, the new partnership envisions a collaboration between UK giant BP with Abu Dhabi's national oil company and renewable energy firm Masdar on investments climate-focused.

The partnership also plans to strengthen military ties between the United Kingdom and the Emirates - whose relations with Iran are strained - London saying it plans to increase its ground exercises there.

Mubadala is one of the largest sovereign wealth funds in the world, investing in various sectors across the globe.

In France, he notably invested in the Lac d'Argent fund to support the capitalization of large companies.

Source: lefigaro

All business articles on 2021-09-16

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