The United Arab Emirates has agreed on a multi-billion dollar investment partnership with the UK focused on UK healthcare, technology, clean energy and infrastructure, reported Financial Times.
As part of the deal, Mamoura Diversified, one of Abu Dhabi's most active government funds, is investing £ 800 million in medical development over five years, in addition to £ 200 million from a UK government fund. Investments in the other three selected sectors are expected to be the same or larger, with a total investment of up to £ 5 billion by 2026.
Officials said the exact size of the total investment is unclear, but the $ 232 billion Abu Dhabi fund is "just trading in bulk." The focus of the partnership is shifting to technology, clean energy and infrastructure.
Mamoura Diversified, who manages a global portfolio, has extensive experience investing in the UK.
Abu Dhabi, the capital of the United Arab Emirates and the richest member of the federation, is increasing its investments in tech industries and renewables to modernize and diversify its oil-dependent economy.
The agreement emphasizes that Britain and the Gulf countries overcame low points in relations three years ago after the UAE detained and convicted British scientist Matthew Hedges for espionage in London.