UK, UAE Launch ‘Partnership for the Future’

The leaders agreed to use the Partnership to create new trade, investment, and innovation dynamics, and to strengthen collaboration in several areas, reports Asian Lite News

Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan on Thursday met with Prime Minister Boris Johnson and discussed deepening bilateral ties and joint strategic cooperation between the UAE and the UK.

The leaders have agreed to establish a new, ambitious Partnership for the Future between both countries in a bid to strengthen the deep and historic relations.

According to Downing Street, the new partnership will build on this history, and ensure that the UAE and UK are able to work closely together to tackle the shared global challenges that both countries face, promote prosperity and security for our citizens, tackle climate change, and expand the exchange of knowledge, skills and ideas.

The meeting was attended by UAE and UK Ministerial representatives, Ambassadors and Officials from both countries.

The Prime Minister congratulated the UAE on the fiftieth anniversary of its founding in 1971. Both leaders welcomed the progress that bilateral relations have made during this time and underlined their high ambition for the future of the relationship.

“The Prime Minister and His Highness the Crown Prince of Abu Dhabi will lead this Partnership, which will consist of two central pillars: the creation of sustainable prosperity and addressing global issues,” a joint statement read.

“The leaders agreed to use the Partnership to create new trade, investment, and innovation dynamics, and to strengthen collaboration in areas including life sciences, energy innovation, regional issues, illicit finance, education, security, development, culture, climate, and health and food security,” it added.

The Foreign Ministers of both countries will co-chair an annual Strategic Dialogue to review and drive progress on the global issues pillar and “to support their strong commitment to promoting multilateralism, and to working closely together during the UAE’s term at the UN Security Council for the period of 2022-23.”

Green finance deal

PM Johnson has said that a £31 million clean growth loan from UK Export Finance (UKEF) will help finish the new headquarters of one of the UAE’s leading environmental management firms.

Announced alongside the ‘Partnership of the Future’ during Mohammed bin Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates’, visit to the UK, the project is a shining example of British innovation in sustainable construction within the UAE.

The new green building, designed by late British architect Dame Zaha Hadid, founder of Zaha Hadid Architects, will be entirely powered by renewable energy generated from its solar panels and waste-to-energy systems and be one of the most sophisticated ‘smart offices’ in the world.

UAE to invest £10 billion

The UK Office for Investment (OfI) and Abu Dhabi’s Mubadala Investment Company, have signed an agreement at Downing Street to significantly expand the UAE-UK Sovereign Investment Partnership (UAE-UK SIP), a framework for investment announced in March 2021.

Over the next five years, the UAE-UK SIP will drive a significant increase in investment across a further three sectors: technology, infrastructure, and energy transition, as well as build on the existing programme of life sciences investment.

As part of the agreement the UAE has committed £10 billion via the UAE-UK SIP, overseen by the OfI and Mubadala, one of the world’s leading sovereign investors. This builds on Mubadala’s £800 million commitment and the UK Government’s £200 million to UK life sciences when the partnership was established in March.

From today, the UAE-UK SIP will become the central investment platform under the new Partnership for the Future bilateral framework, which was also agreed today at a meeting between UK Prime Minister Boris Johnson and HH Sheikh Mohamed bin Zayed al Nahyan.

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