The United Arab Emirates is planning to invest up to $10 billion in the United Kingdom in energy transition, infrastructure, and technology, the two nations announced following a state visit by Sheikh Mohamed bin Zayed al-Nahyan, Crown Price of Abu Dhabi.

Mubadala, the Abu Dhabi sovereign wealth fund, and the UK Office for Investment (OfI), signed an agreement at Downing Street to significantly expand the UAE-UK Sovereign Investment Partnership (UAE-UK SIP), a framework for investment announced in March 2021.

Over the next five years, the UAE-UK SIP will drive a significant increase in investment across a further three sectors: technology, infrastructure, and energy transition, as well as build on the existing program of life sciences investment, state news agency WAM reported.

As part of the agreement the UAE has committed ₤10 billion via the UAE-UK SIP, overseen by the OfI and Mubadala, one of the world’s leading sovereign investors. This builds on Mubadala’s ₤800 million commitment and the UK Government’s ₤200 million to UK life sciences when the partnership was established in March.