UAE and UK launch investment partnership with initial £1bn funding for life sciences

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Abu Dhabi’s Mubadala Investment Company to invest £800m, alongside £200m from the UK, boosting the next generation of British life science companies.

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The Department for International Trade and the Prime Minister’s Office’s recently-established UK Office for Investment (OfI) and Abu Dhabi’s Mubadala Investment Company, a global sovereign investors, today signed a long-term investment agreement.

This is the first agreement of its kind for the UK and the Office for Investment and will deepen existing UK-UAE trade and investment ties that were worth £32bn in 2019.

The UAE-UK Sovereign Investment Partnership (SIP) will serve as a coordinated investment framework to grow a future-focused relationship between the two nations, driving economic recovery, jobs and growth.

An initial £800m commitment from Mubadala to invest in UK life sciences over five years is the first focus for the SIP. The sum will be deployed alongside the UK’s £200m Life Sciences Investment Programme announced last year, a vital pool of patient capital for the sector that will enable more UK life sciences businesses to scale and grow. The OfI and Mubadala will work together to identify commercially viable opportunities for investment into the sector.

Over a five-year period, the SIP will invest across several tech and innovation-led sectors such as energy transition and infrastructure that will support job creation in both nations, strengthen national research and development capabilities and develop new areas of investment collaboration.

UK International Trade Secretary Liz Truss said: “The UAE is an important trading partner for the UK and home to some of the world’s largest and most experienced investment companies. 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. From Liverpool and Edinburgh to Oxford and Nottingham, our world class life sciences clusters and innovative businesses will see the benefits of this partnership.”

Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO of Mubadala commented: “The UAE and UK are aligned on the importance of global action on critical priorities such as healthcare innovation and delivery, climate change and the sustainable growth of high-skilled industries. Coordination on investment and global innovation ecosystems is vital to enabling progress against these challenges and presents a significant post-COVID economic opportunity for the UK and UAE.

“Mubadala is already a long-term investor in UK innovation and growth, and our new partnership now provides a platform to allocate stable capital to priority sectors as part of a future-focused investment relationship.”

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