The Abu Dhabi government's sovereign investment company, Mubadala Investment Co, has signed a long-term deal with the UK Investment Office to invest £800 million ($1 billion) in life sciences and healthcare growth in both countries.
Mubadala said in a statement that this funding would be in addition to the £200 million recently funded by the UK last year.
Mubadala maintains a $232 billion global portfolio for the Abu Dhabi government, with the aim of achieving long-term financial returns.
Following a meeting between Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan and British Prime Minister Boris Johnson in December 2020, the UK and its investment office signed the first of its kind Sovereign Partnership Agreement. The deal seeks to improve UAE-UK trade and investment ties, which totaled £32 billion in 2019.
Mubadala's Managing Director and Group CEO, Khaldoun Khalifa Al Mubarak, commented on the new partnership, saying, "Mubadala has long-term interests in the UK in innovation, expansion, and infrastructure, and this new collaboration would be an investment forum to provide funding to priority sectors as part of a forward-looking investment relationship."
Gerry Grimstone, the UK's Minister for Investment, said, "Attracting strategic foreign investors to invest in the UK is crucial for job growth, extension, and sustaining our global leadership in life sciences, clean development, technology, and innovation. Mubadala is a perfect model for the investor with whom we hope to collaborate in order to improve and empower critical sectors of our economy and propel it forward."