On the 24th March 2021 the Department of International Trade, along with Lord Grimstone of Boscobel KT, announced the signing of a long-term agreement between themselves and Abu Dhabi’s Mubadala Investment Company – one of the world’s leading sovereign investors. The new Sovereign Investment Partnership will see £800 million invested in the UK’s Life Sciences Industry. The Life Science industry currently generates around £80 billion turnovers for the UK and generates over 250,000 people. The additional investments are expected to further support links in Life Sciences research, education and create closer ties between the UK and the UAE.
This new investment will act as the first of its kind for the UK and the Office for Investment and is expected to deepen existing UK-UAE trade and investment ties that were worth £32 billion in 2019. The UAE-UK Sovereign Investment Partnership (SIP) is due to serve as a coordinated investment framework to grow a future-focused relationship between the two nations, driving economic recovery, jobs, and growth. The Mubadala is one of the UAE’s most active funds and is planned to invest further instalments towards the Life Sciences Sector investing the money over a five-year span. The investments are planned to be implemented alongside the UK’s £200m Life Sciences Investment Programme which was announced last year! The Office for Investment and Mubadala are expected to work closely together to identify further viable opportunities for investment within the Life Sciences Sector.
Combining the two sets of funding is expected to provide a much-needed stable investment into the next generation of Life Science across the UK. The UK’s Minister for Investment, Gerry Grimstone, has said through this partnership the UK’s Life Science Sector will be able to develop ‘cutting-edge technologies and research’ whilst retaining the advantage of ‘homegrown’ innovation and an increase in jobs in this industry. Claiming further that the SIP will also leverage both the UK’s and the UAE’s mutual priorities in building better and stronger economies for both parties.
Mubadala is already one of the largest and longest-standing investors in the UK’s clean energy infrastructure, with previous significant investments in wind farms off Norfolk, near Hywind, Scotland, and in the Thames estuary. This new investment partnership will be sure to secure a cemented partnership between the UK and the UAE, as they both work together to develop innovation within the Life Sciences Industry. Mubadala is also expected to connect United Kingdom Industries to research and innovation initiatives across the world thanks to its global portfolio spanning over 50 countries. The primary focus of the Mubadala is innovation and promoting technology-led sectors, including composite manufacturing, semiconductors, renewable energy, biotech, and urban mobility. Through the new UAE-UK partnership, this will build on the investment model Mubadala has established in other geographies, and work to build and innovate the UK in the process.
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