UAE to invest £10 billion in priority UK industries

@MohamedBinZayed/ Twitter

The UAE and the UK have signed an agreement to significantly expand the UAE-UK Sovereign Investment Partnership (UAE-UK SIP), which was 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.

As part of the latest agreement, the UAE has committed £10 billion via the UAE-UK SIP, overseen by Abu Dhabi’s Mubadala Investment Company and the UK Office for Investment (OfI).

The announcement came on the sidelines of His Highness Sheikh Mohamed bin Zayed al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces' official visit to the UK.

Sheikh Mohamed and British Prime Minister Boris Johnson reviewed opportunities in the investment, economic and trade fields and other vital sectors.

They also agreed to establish the "Partnership for the Future", aimed at driving sustainable prosperity and addressing global issues.

The partnership will be used as a launchpad to develop new mechanisms that enhance trade, investment, innovation and enhance cooperation in areas, including life sciences, innovation, energy, regional issues, countering illicit financial flows, education, security, development, culture, climate, health and food security.

More from Business News

  • IDC 2025 discusses global disruptions, defence preparedness

    The International Defence Conference 2025 commenced on Sunday at Emirates Palace in Abu Dhabi, bringing together defence and security leaders, experts, and companies from around the world to discuss key challenges and opportunities in the sector.

  • Dubai Energy Council reviews carbon emissions progress

    Ahmed bin Saeed chaired the Dubai Supreme Council of Energy meeting on Sunday, which reviewed progress in carbon emission reduction technologies in alignment with the UAE’s Net Zero 2050 Strategy and the Dubai Carbon Abatement Strategy 2030.

  • OpenAI board rejects Musk's $97.4 billion offer

    OpenAI has rejected a $97.4 billion (AED 357 billion) bid from a consortium led by billionaire Elon Musk for the ChatGPT maker, saying the startup is not for sale and that any future bid would be disingenuous.

  • AD Ports Group reports net profit of AED 1.78 bln

    AD Ports Group has announced its preliminary unaudited financial results for the fourth quarter and full year ending December 2024, and saw revenue increase 48 per cent year-on-year (YoY) to AED 17.29 billion.

On Virgin Radio today

  • Non Stop Hits

    Midnight - 6:00am

    The UAE's #1 Hit Music Station with no interruptions

  • The Kris Fade Show

    6:00am - 10:00am

    Kris, Priti and Rossi host the UAE's biggest radio show. It's full of fun, laughs and it's Where The Stars Live.

Trending on Virgin Radio