Abu Dhabi has surpassed its initial investment commitment of £10 billion in the United Kingdom, injecting more than double that amount into British assets, according to sources familiar with the situation, as reported by Bloomberg. This original pledge was part of a “sovereign investment partnership” established in 2021, led by Mubadala Investment Company and the UK Investment Office. The insiders, who wished to remain anonymous due to the sensitivity of the information, indicated that Abu Dhabi has exceeded its target.
The expenditure, which has exceeded £20 billion over the past four years, follows significant efforts by British officials to attract investments from the UAE, with the UK having to compete against the United States, France, and Italy, according to the sources.
A spokesperson for the UK’s Department for Business and Trade expressed appreciation for the UAE’s efforts in making their partnership successful. Oliver Dowden, a former Deputy Prime Minister under Rishi Sunak, noted that the relationship between the UK and UAE is strong, deep, and long-lasting, indicating that the overall climate is improving.
Significant deals involving Emirati entities include the purchase by telecom operator e& of a substantial stake in Vodafone a few years ago. Recently, Mubadala Investment Fund acquired a minority stake in London-based education company Nord Anglia for $600 million.
Edward Odney-Lister, co-chair of the UK-UAE Business Council, stated that the relationship between the UK and UAE has significantly improved, partly due to Keir Starmer’s influence, adding, “We are on the right path.”