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UAE to announce investment expansion across Britain

(Reuters) – 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.

($1 = 0.7226 pounds)

($1 = 0.7220 pounds)

 

(Reporting by Vishal Vivek in Bengaluru; Editing by Aurora Ellis)