- Prime Minister and His Highness Sheikh Mohammed bin Zayed Al
Nahyan will agree a comprehensive ‘Partnership for the Future’ at
Downing Street today
- The agreement will intensify collaboration between the UK and
UAE in trade, security, tech, development and tackling climate
change.
- The UAE-UK Sovereign Investment Partnership is also expected
to confirm a multi-billion pound tranche of investments in the
clean energy transition, life sciences and infrastructure and
technology sectors.
The UK and the United Arab Emirates will agree an ambitious
‘Partnership for the Future’ today [Thursday], building on our
historic relationship and setting a broad foundation for future
cooperation, driving progress in science and innovation and
supporting the security and prosperity of both countries.
The Partnership will be underpinned by annual UK-UAE Strategic
Dialogues, beginning later this year and chaired by the Foreign
Secretary and his Emirati counterpart.
The Prime Minister will host His Highness Sheikh Mohammed Bin
Zayed for a bilateral meeting at Downing Street, a military Guard
of Honour and a UK-UAE business reception. The UAE is already a
key partner for the UK, with total trade between our two
countries worth £12billion in 2020.
As part of the visit, the UK Office for Investment and UAE’s
Mubadala Investment Company are expected to sign a major
expansion of the Sovereign Investment Partnership (SIP) agreed
earlier this year. The deal will secure investments across the UK
in life sciences, technology, energy transition and
infrastructure, supporting the ‘Partnership for the Future’ and
the PM’s agenda to level up across the country. The investments
will create high-value jobs in both the UK and UAE and support
our ambitious Net Zero targets by turbocharging the clean energy
transition.
Additional investments expected to be announced today include a
£500m investment in digital infrastructure builder CityFibre, for
the rollout of high-speed broadband. The investment is part of a
larger CityFibre capital raise which will support its £4bn
rollout of full fibre to 8 million homes in urban and rural
areas, creating an estimated 10,000 jobs and catalysing economic
growth across the country.
UK Export Finance [UKEF] is also announcing a new £31 million
clean growth loan to complete the construction of UAE
environmental management company Bee’ah’s headquarters in
Sharjah. The building was designed by late British architect Dame
Zaha Hadid and is entirely powered by renewable energy. The loan
is facilitated by HSBC and is part of UKEF’s strategy to support
the global transition to green energy and sustainable
infrastructure.
Prime Minister said:
“The UAE and the UK share a long and rich history, but with
today’s agreement we are looking to the future. By working ever
more closely together, our nations will be at the forefront of
the industries of the future, helping to tackle climate change
and boost prosperity.
“Ambitious partnerships like this are central to the
Government’s strategy to be a leading global force in science and
technology, driving major investments to level up across the UK
and create high-value jobs. We will turbocharge this at next
month’s Global Investment Summit in London.”
The UK and UAE will also launch Partnership to Tackle Illicit
Financial Flows today, recognising this as a significant shared
challenge for two major global financial centres. Our Governments
will develop a joint action plan to mitigate and address money
laundering, financing of terrorism and other issues related to
illicit finance.
Next month, the UK will host a Global Investment Summit in
London, bringing together major investors to support the Prime
Minister’s 10 Point Plan for a Green Industrial Revolution and
ensure the UK is at the cutting edge of clean tech innovation.
Notes to Editors:
- The UK-UAE Sovereign Investment Partnership was launched in March
with £1bn in investments in the life sciences sector
- More detail on the Partnership for the Future and SIP
extension will be published later today (Thursday) in a joint
communique
- The Prime Minister and Sheikh Mohammed Bin Zayed al Nahyan
will witness the signing of the expanded MoU for the SIP at
Downing Street
