UAE to invest around €12 billion in UK

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

The amount 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 in five years

«The UAE has pledged to invest 10 billion pounds (about €11.7 billion).This commitment, like the previous one, is for a period of five years, Mubadala said in a statement. this initiative”Promote significant growth in investment“in sectors”Technologies, infrastructure and energy transition», indicated the sovereign fund. about this “Major sectors which are the basis of economic development of both the countries“, according to Mubadala’s general manager Khaldoun Al-Mubarak, quoting the press release.

British Investment Minister Gerry Grimstone for his part considered this partnership “Expand the exchange of knowledge, skills and ideasAccording to the press release between the two countries. Thursday’s announcement came during the visit of Crown Prince Mohamed Ben Zayed of Abu Dhabi, the capital of the United Arab Emirates, to the United Kingdom. The de facto ruler of this wealthy Gulf country met with British Prime Minister Boris Johnson, with whom he took part in changing the guard.

See also  Australian Qantas to cut at least 6,000 jobs due to coronavirus pandemic

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

The partnership also plans to strengthen military ties between the United Kingdom and the emirate – which has strained relations with Iran – London said, adding that it plans to increase its ground exercises there. Mubadala is one of the largest sovereign wealth funds in the world, investing in various sectors around the world. In France, he notably invested in the Lac d’Argent fund to support the capitalization of large companies.

You May Also Like

About the Author: Forrest Morton

Organizer. Zombie aficionado. Wannabe reader. Passionate writer. Twitter lover. Music scholar. Web expert.

Leave a Reply

Your email address will not be published.