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FinancialNews
25-03-21
UK Office, Abu Dhabi’s Mubadala spot USD1.38B life sciences deal
(MENAFN)The UK Office for Investment (OFI) and Abu Dhabi’s Mubadala Investment Company registered a £1 billion (USD1.38 billion) life sciences agreement.
According to the pair, it declares the first deal of its kind for the UK and is going to increase current UK-UAE trade and investment relations that were valued at £32 billion (USD43 billion) in 2019.
The partnership is going to engage an initial £800 million commitment from Mubadala to invest in UK life sciences over five years. It is going to be organized alongside the UK’s £200m Life Sciences Investment Program proclaimed in 2020.
UK International Trade Secretary Liz Truss stated that “The UAE is an important trading partner for the UK and home to some of the world’s largest and most experienced investment companies,” adding that “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.”
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