Abu Dhabi Investment Fund Mubadala has committed to investing £800 million in the UK's life sciences sector over five years, marking the first of what could be several billion pounds of investments in the UK. Abu Dhabi is also reportedly planning to invest heavily in British health, tech, green energy, and infrastructure. The exact size of the total investment is not yet clear, but the Financial Times estimates it could be worth up to £5 billion. UK Minister for Investment, Gerry Grimstone, hailed the partnership as a means of developing cutting-edge technologies and research while retaining homegrown innovation and jobs. "It will also leverage the UK and UAE's mutual priorities in building better and stronger economies through investment," he added.
Khaldoon Khalifa Al Mubarak, group CEO of Mubadala, expressed his excitement about the new partnership, noting that "Mubadala is already a long-term investor in UK innovation and growth, and our new partnership now provides a platform to allocate stable capital to priority sectors as part of a future-focused investment relationship."
The move comes as the UK announces four regional trade and investment hubs in Edinburgh, Cardiff, Belfast, and Darlington, aimed at boosting economic growth across the UK, as well as dropping tariffs on some US goods, which had been put in place over a related dispute about US subsidies to Boeing.
"The government says the new hubs will provide support and advice to help regional businesses to access major trade markets and boost exports, as part its efforts to boost pandemic recovery," said Secretary of State for International Trade Liz Truss. Chancellor Rishi Sunak also emphasized investment in the life sciences, clean energy, and technology industries in his recent budget, announcing the creation of a national infrastructure bank that would mainly invest in green projects ahead of the COP26 climate change summit in the UK in November.
"The UK continues to be an attractive destination for foreign investment, with a business-friendly environment, a strong innovation ecosystem, and a talented workforce," said the International Trade Council. "We welcome this new partnership with Mubadala and look forward to supporting the continued growth of the UK's life sciences and other sectors through international investment."