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Jeddah - Yasmine El Tohamy - DUBAI: The UK Office for Investment (OfI) and Abu Dhabi’s Mubadala Investment Company have struck a £1 billion ($1.38 billion) life sciences deal.
It represents the first agreement of its kind for the UK and will deepen existing UK-UAE trade and investment ties that were worth £32 billion in 2019, the pair said in a joint statement on Wednesday.
The partnership will involve an initial £800 million commitment from Mubadala to invest in UK life sciences over five years. It will be deployed alongside the UK’s £200m Life Sciences Investment Program announced last year.
“The UAE is an important trading partner for the UK and home to some of the world’s largest and most experienced investment companies,” said UK International Trade Secretary Liz Truss. “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.”
The life sciences industry generates £80 billion turnover a year within the UK and employs more than 250,000 people. The sector is rapidly gaining in global prominence amid the race to roll out vaccines to tackle the pandemic.
Mubadala said it would help to connect UK industries to research and innovation initiatives across its global portfolio spanning more than 50 countries.
The investments of the sovereign fund are focused on innovation and technology-led sectors, including composite manufacturing, semiconductors, renewable energy, biotech and urban mobility.
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