Home / Business / UAE investing across the board in UK
Foreign Secretary Boris Johnson (3rd L) attends the Libya Ministerial meeting with Tobias Ellwood, (2nd L), French Director of Political Affairs, Nicolas de Riviera (L), Faiez Serraj, Prime Minister of Libya (2nd R) and Ahmed Mateeg (Deputy Prime Minister of Libya (R), at the Foreign and Commonwealth Office in London, Britain October 31, 2016. REUTERS/Peter Nicholls

UAE investing across the board in UK

The UK Office for Investment and the United Arab Emirate’s (UAE) Mubadala Investment Company are expected to sign an expansion of the Sovereign Investment Partnership (SIP) on Thursday, British PM Boris Johnson’s press office said in a statement.

The deal will promote investments across Britain in life sciences, technology, energy transition and infrastructure, according to the statement.

The overall investment commitment of the Gulf state over five years would be about 10 billion pounds ($13.85 billion), the Financial Times reported, citing a government official briefed on the talks.

Additional investments likely to be announced include a 500 million pound investment in British fibre broadband operator CityFibre for the rollout of high-speed broadband in the country, the statement added, with the investment being a part a larger CityFibre capital raise.

In March, Abu Dhabi state investor Mubadala Investment Co had signed a deal with UK to invest 800 million pounds in life sciences and healthcare development projects.

The deals come as Johnson hosts Sheikh Mohammed Bin Zayed Al Nahyan, Abu Dhabi’s crown prince, for a bilateral meeting at Downing Street on Thursday.

Source: Market Screener

Check Also

Facebook to ‘moderate’ Arabic, Hebrew content, following criticism

Facebook has recently come under renewed criticism over inadequate content moderation policies in languages other …

Leave a Reply

Your email address will not be published. Required fields are marked *