UAE, UK Announce 1 Billion Pound Investment Agreement in Life Sciences
The United Arab Emirates and the United Kingdom signed a long-term investment agreement in U.K. life sciences, a March 24 news release said. The agreement was made under the UAE-U.K. Sovereign Investment Partnership and involves monetary contributions from the Department of International Trade's Office for Investment and Abu Dhabi's Mubadala Investment Co. Mubadala pledged 800 million pounds for U.K. life sciences over the next five years, to be paired with 200 million pounds from the U.K. Life Sciences Investment Programme.
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“The UAE is an important trading partner for the UK and home to some of the world’s largest and most experienced investment companies,” said U.K. International Trade Secretary Liz Truss. “It’s fantastic that we are collaborating more closely in the industries of tomorrow like science, tech and green growth, so we can build back better and deliver an investment-led, jobs-led recovery from coronavirus. This is a major win for the Office for Investment and shows how the UK is an investment destination of choice.”