LOC22:17
19:17 GMT
LONDON, Sept 16 (KUNA) -- The United Kingdom and the United Arab Emirates on Thursday inked a new deal for the future worth ten billion pounds (USD 13.8 billion) to carry out some investment projects in Britain in the next five years.
The UAE-UK sovereign investment partnership established last March will work in the upcoming five years on increasing the Emirati investment in three sectors namely technology, infrastructure and energy transition, said a statement issued by the British Cabinet.
Since last March, a total of 1.1 billion pounds (USD 1.5 billion) has been invested in several vital projects in the UK, it added, noting that this mirrors the abundance and variety of opportunities in the British market.
The statement commended the deep-rooted relations between London and Abu Dhabi, mainly in trade.
Trade exchange between the two sides hit about 18.6 pounds (about USD 25.6 billion) in 2019, while mutual investment was 13.4 billion pounds (USD 18.5 billion) in the corresponding period, it revealed.
The deal was signed by Abu Dhabi's Mubadala Investment Company and the UK Office for Investment (OfI) in the presence of British Prime Minister Boris Johnson and Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohammad bin Zayed Al Nahayan who is on an official visit to the UK. (end)
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