- The agreement will intensify collaboration between the UK and UAE in trade, security, tech, development and tackling climate change.
- The UAE-UK Sovereign Investment Partnership has also confirmed a multi-billion pound tranche of investments in the clean energy transition, life sciences and infrastructure and technology sectors.
The UK and the United Arab Emirates have agreed an ambitious ‘Partnership for the Future’ today [Thursday], building on our historic relationship and setting a broad foundation for future cooperation, driving progress in science and innovation and supporting the security and prosperity of both countries.
The Partnership will be underpinned by annual UK-UAE Strategic Dialogues, beginning later this year and chaired by the Foreign Secretary and her Emirati counterpart.
The UK Prime Minister hosted His Highness Sheikh Mohammed Bin Zayed for a bilateral meeting at Downing Street, a military Guard of Honour and a UK-UAE business reception. The UAE is already a key partner for the UK, with total trade between our two countries worth £12billion in 2020.
As part of the visit, the UK Office for Investment and UAE’s Mubadala Investment Company signed a major expansion of the Sovereign Investment Partnership (SIP) agreed earlier this year. The deal will secure investments across the UK in life sciences, technology, energy transition and infrastructure, supporting the ‘Partnership for the Future’ and the PM’s agenda to level up across the country. The investments will create high-value jobs in both the UK and UAE and support our ambitious Net Zero targets by turbocharging the clean energy transition.
Additional investments announced today include a £500m investment in digital infrastructure builder CityFibre, for the rollout of high-speed broadband. The investment is part of a larger CityFibre capital raise which will support its £4bn rollout of full fibre to 8 million homes in urban and rural areas, creating an estimated 10,000 jobs and catalysing economic growth across the UK.
UK Export Finance [UKEF] also announced a new £31 million clean growth loan to complete the construction of UAE environmental management company Bee’ah’s headquarters in Sharjah. The building was designed by late British architect Dame Zaha Hadid and is entirely powered by renewable energy. The loan is facilitated by HSBC and is part of UKEF’s strategy to support the global transition to green energy and sustainable infrastructure.
Prime Minister Boris Johnson said:
“The UAE and the UK share a long and rich history, but with today’s agreement we are looking to the future. By working ever more closely together, our nations will be at the forefront of the industries of the future, helping to tackle climate change and boost prosperity.
“Ambitious partnerships like this are central to the Government’s strategy to be a leading global force in science and technology, driving major investments to level up across the UK and create high-value jobs. We will turbocharge this at next month’s Global Investment Summit in London.”
The UK and UAE also launched a Partnership to Tackle Illicit Financial Flows today, recognising this as a significant shared challenge for two major global financial centres. Our Governments will develop a joint action plan to mitigate and address money laundering, financing of terrorism and other issues related to illicit finance.
Next month, the UK will host a Global Investment Summit in London, bringing together major investors to support the Prime Minister’s 10 Point Plan for a Green Industrial Revolution and ensure the UK is at the cutting edge of clean tech innovation.
- The UK-UAE Sovereign Investment Partnership was launched in March with £1bn in investments in the life sciences sector
- More detail on the Partnership for the Future and SIP extension will be published later today (Thursday) in a joint communique
- The Prime Minister and Sheikh Mohammed Bin Zayed al Nahyan will witness the signing of the expanded MoU for the SIP at Downing Street
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© Press Release 2021