Abu Dhabi will invest up to £5bn in the UK through its state-run fund Mubadala
Abu Dhabi has agreed to pump billions of pounds into British technology and infrastructure.
The wealthy region, part of the United Arab Emirates, will invest up to £5billion through its state-run fund Mubadala in assets such as healthcare companies and green energy plants.
This will include £800million for the life sciences sector over five years, the Financial Times reported, alongside £200million from a British Government fund.
Similar investments are expected to follow in the technology, clean energy and infrastructure sectors, suggesting the total could hit £5billion.
It comes after Prime Minister Boris Johnson set up the Office for Investment last November, to help the UK pull in more money from overseas.
Lord Gerry Grimstone, appointed investment minister, said he was expecting ‘equal or better opportunities to be found in those sectors’.
Khaldoon al-Mubarak, Mubadala’s boss, said: ‘It will be a sizeable number, appropriate for these sectors in order for us to make the right scale and returns.’