The British Prime Minister's media office, Boris Johnson, said in a statement that the British Investment Office and the UAE's Mubadala Investment Company are expected to sign an agreement to expand the sovereign investment partnership, today. Thursday.
The agreement will boost investments across Britain in life sciences, technology, a shift to clean energy and infrastructure, the statement said.
The Financial Times, citing a government official familiar with the talks, said the total of the UAE's pledged investment would amount to about 10 billion pounds ($13.85 billion) over over a period of five years.
The additional investment likely to be announced includes a 500 million pound ($690 million) investment in British fiber-optic broadband company City Fiber, the statement added. , with the investment being part of the company's capital increase.
The Abu Dhabi government's Mubadala Investment Company in March signed a deal with the UK to invest £800m in life sciences and healthcare development projects. DP World is investing £300 million in Pier 4 at the London Gateway Hub.
These deals come as Johnson hosts Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, for a bilateral meeting in Downing Street on Thursday.
The UAE said this month that it was seeking comprehensive economic agreements with countries showing high growth potential, including the post-Brexit United Kingdom.
Johnson's office statement said the United Arab Emirates and the United Kingdom will also agree on a partnership to tackle illicit financial flows.
