The United Arab Emirates will invest about 12 billion euros in the technology, infrastructure and energy transition sectors in the United Kingdom, Mubadala, a sovereign investment fund based in Abu Dhabi, announced on Thursday.

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This sum complements an investment partnership between the two countries launched in March, with an initial commitment of 800 million pounds (928 million euros) by Mubadala and 200 million (234 million euros) by the United Kingdom in the scientific field.

10 billion pounds in five years

«UAE commits to (invest) £ 10 billion (about € 11.7 billion)Mubadala said in a statement, adding that this commitment, like the previous one, is for a period of five years. This initiative “promote a significant increase in investment“In the sectors”technologies, infrastructure and energy transition»Indicated the sovereign fund. He stirs “Key sectors that are the basis of the economic growth of the two nations.“According to Khaldoun al-Mubarak, CEO of Mubadala, quoted by the press release.

The British Minister of Investments, Gerry Grimstone, for his part considered that this association “expand the exchange of knowledge, skills and ideasBetween the two countries, according to the press release. Thursday’s announcement comes during a visit to the UK by Mohammed ben Zayed, crown prince of Abu Dhabi, capital of the United Arab Emirates. The de facto ruler of this rich Gulf country met with British Prime Minister Boris Johnson, with whom he attended the changing of the guard.

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With the UK hosting the climate COP 26 in Glasgow in November, the new partnership envisions a collaboration between British giant BP with Abu Dhabi’s national oil company and renewable energy company Masdar on climate-focused investments.

The association also plans to strengthen military ties between the UK and the Emirates, whose relations with Iran are strained, London says it plans to increase its ground exercises there. Mubadala is one of the world’s largest sovereign wealth funds, investing in various sectors around the world. In France, it invested heavily in the Lac d’Argent fund to support the capitalization of large companies.