UAE raises investment in UK with life sciences focus

The UAE is increasing UK investment with a focus on life sciences such as healthcare innovation, the British government said Wednesday as it looks to boost the virus-hit economy.

It comes as Prime Minister Boris Johnson seeks also to strengthen non-EU investment and trade links following Brexit.

Abu Dhabi's Mubadala Investment Company has committed an initial £800 million ($1.1 billion, 928 million euros) to UK life sciences over five years, a joint statement said.

The sum will be added to a UK government investment totalling £200 million announced last year.

"This is the first agreement of its kind for the UK and the Office for Investment (OfI) and will deepen existing UK-UAE trade and investment ties that were worth £32 billion in 2019," the statement added.

It said that the OfI and Mubadala will work together to identify commercially-viable opportunities in the life sciences sector.

"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," said UK International Trade Secretary Liz Truss.

The life sciences industry generates £80 billion in annual sales a year within the UK and employs more than 250,000 people, according to the British government.

"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," said Mubadala chief executive Khaldoon Khalifa Al Mubarak.

"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."

Agencies contributed to this report.