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Mubadala Investment Co, the Abu Dhabi government's sovereign investment firm, has signed a long-term agreement with the UK Investment Office, to invest £800 million ($1 billion) in life sciences and healthcare development in both countries.
This investment will be alongside the £200 million previously allocated by the UK last year, Mubadala said in a statement Wednesday.
Mubadala manages a global portfolio of $232 billion aimed at generating sustainable financial returns for the Government of Abu Dhabi.
The signing of the Sovereign Partnership Agreement, the first of its kind for the UK and its investment office, follows a meeting held by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan, and British Prime Minister Boris Johnson in December 2020.
The agreement aims to strengthen the trade and investment relations between the UAE and the UK, which amounted to £32 billion in 2019.
Commenting on the new partnership, Khaldoun Khalifa Al Mubarak, Managing Director and Group CEO of Mubadala, said: "Mubadala has long-term investments in the UK in innovation, growth and infrastructure, and this new partnership will be an investment platform to provide support to priority sectors as part of a forward-looking investment relationship. "
UK’s Minister for Investment Gerry Grimstone said: "Attracting strategic global investors to invest in the UK is vital to job creation, to grow further and to maintain our global leadership in life sciences, clean development, technology and innovation. Mubadala is an ideal model for the investor we look forward to partnering with, to strengthen and empower vital sectors of our economy and move it forward."
(Writing by Brinda Darasha; editing by Daniel Luiz)
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© ZAWYA 2021
