‘This partnership will enable the UK life sciences sector to develop cutting-edge technologies and research while retaining home grown innovation and jobs…’
In what is said to the first agreement of its kind, the UK Office for Investment (OfI) and Abu Dhabi’s Mubadala Investment Company have signed a long-term investment agreement. Mubadala Investment Company is one of the world’s leading sovereign investors.
The new UAE-UK Sovereign Investment Partnership (SIP) is being launched with an initial fund of £1 billion. Mubadala Investment Company is committing £800 million which will be invested in UK life sciences over five years. The finance is being deployed alongside the UK’s £200 million Life Sciences Investment Programme, announced during 2020. The OfI and Mubadala Investment Company will work together to indentify commercially viable opportunities for investment into the sector.
The SIP’s first life science investments are expected to be completed later this year. Mubadala will also connect UK Industries to research and innovation initiatives across its global portfolio spanning more than 50 countries, which has a major focus on innovation and technology-led sectors.
In its statement the Government said ‘Combined, these funds will provide much needed stable investment into the next generation of life science companies around the country. Over a five-year period the SIP will invest across several tech and innovation-led sectors such as energy transition and infrastructure that will support job creation in both nations, strengthen national research and development capabilities and develop new areas of investment collaboration.’
Gerry Grimstone, UK Minister for Investment said; ‘This partnership will enable the UK life sciences sector to develop cutting-edge technologies and research while retaining home grown innovation and jobs. It will also leverage the UK and UAE’s mutual priorities in building better and stronger economies through investment.’
During the final quarter of 2020, a report from the UK’s CBI outlined a number of ways in which action to boost life sciences could help the UK ‘pull ahead of the competition’ and ‘deliver better patient outcomes.’