Thu, 16 September 2021
Crown Prince of Abu Dhabi, Mohamed bin Zayed Al Nahyan met Britain's Prime Minister Boris Johnson at Downing Street (AFP/JUSTIN TALLIS)More
 |
| HM BUTTMAN |
The United Arab Emirates will invest billions into the UK under a strategic partnership marking 50 years since its founding after British rule, both governments announced Thursday.
The five-year investment worth £10 billion ($13.8 billion, 11.7 billion euros) will focus on technology, infrastructure and climate-focused energy transition, according to a joint statement.
It was announced following talks in London between Prime Minister Boris Johnson and Abu Dhabi Crown Prince Mohammed bin Zayed, the UAE's de facto ruler.
The pair inspected a British Army honour guard as the energy-rich UAE builds up to the December celebration of its founding in 1971, after Britain had relinquished control over its constituent emirates.
Mubadala, Abu Dhabi's sovereign wealth fund, said its investment plans would "drive a significant increase" across the three target sectors, building on an existing deal.
In March, Mubadala committed an initial £800 million to UK life sciences including healthcare research over five years.
The new investment is a boost to the Johnson government's vows to boost trade with the rest of the world, including the Middle East, after Britain left the European Union fully in January.
"This partnership has gone from strength to strength and its expansion is evidence of its effectiveness and what we can achieve with important trade and investment partners like the UAE through investment," Minister for Investment Gerry Grimstone said.
UK-UAE trade was worth £18.6 billion in 2019 and two-way investment came to £13.4 billion, according to British government data.
"Today's expansion of our Sovereign Investment Partnership will help accelerate funding and innovation in key sectors that are foundational to economic growth of both nations," said Mubadala chief executive Khaldoon Al Mubarak.
In the run-up to Britain hosting the COP26 summit in November, the new partnership envisages energy giant BP collaborating with the Abu Dhabi National Oil Company and renewables firm Masdar on climate-focused investments.
Those potentially include "low-carbon hydrogen hubs" and the creation of a carbon-neutral air corridor between the two countries, the statement said.
The partnership also encompasses reinforcing strong military ties between Britain and the UAE, whose relations with Gulf neighbour Iran are tense.
Britain said it planned to increase land exercises in the UAE.
Abu Dhabi and foundation linked to Ikea invest in full fibre broadband
August Graham
Thu, 16 September 2021
Vodafone and TalkTalk are among the companies that use CityFibre’s network.
“This new capital will not only underpin our rollout to up to eight million homes across 285 cities, towns and villages, but will also enable our participation in the Government’s Project Gigabit programme to extend our future-proof infrastructure to rural areas and ensure no one is left behind,” said the CityFibre chief executive, Greg Mesch.
“If nurtured and protected, infrastructure competition at scale will continue to unleash huge investment from the private sector as well as catalyse investment from incumbent operators.”
CityFibre’s network is used by Vodafone and TalkTalk among other internet providers. It is live in 46 places around the UK.
Prime Minister, Boris Johnson said: “The Government is committed to making high-speed broadband available for every part of the UK, and this exciting investment will turbocharge the UK’s full-fibre rollout. It will revolutionise people’s lives and generate huge economic benefits, jobs and growth.
“The UK is open for business and attracting investments like this as a high-value, high-growth science superpower, specialising in industries of the future.”
August Graham
Thu, 16 September 2021
Vodafone and TalkTalk are among the companies that use CityFibre’s network.
(Dominic Lipinski/PA) (PA Wire)
The Government of Abu Dhabi and a foundation linked to furniture giant Ikea have thrown £825 million at an effort to roll out full-fibre broadband in the UK.
CityFibre said that it had secured more than £1.1 billion to invest, including £300 million worth of new loans.
It is money that will help the company reach into a third of UK homes by the middle of the decade, it said on Thursday.
Investors include Abu Dhabi sovereign wealth fund, the Mubadala Investment Company, and Interogo Holding – which is owned by a foundation set up to “safeguard the IKEA Concept”.
The Government of Abu Dhabi and a foundation linked to furniture giant Ikea have thrown £825 million at an effort to roll out full-fibre broadband in the UK.
CityFibre said that it had secured more than £1.1 billion to invest, including £300 million worth of new loans.
It is money that will help the company reach into a third of UK homes by the middle of the decade, it said on Thursday.
Investors include Abu Dhabi sovereign wealth fund, the Mubadala Investment Company, and Interogo Holding – which is owned by a foundation set up to “safeguard the IKEA Concept”.
The UK is open for business and attracting investments like this as a high-value, high-growth science superpower, specialising in industries of the futureBoris Johnson
“This new capital will not only underpin our rollout to up to eight million homes across 285 cities, towns and villages, but will also enable our participation in the Government’s Project Gigabit programme to extend our future-proof infrastructure to rural areas and ensure no one is left behind,” said the CityFibre chief executive, Greg Mesch.
“If nurtured and protected, infrastructure competition at scale will continue to unleash huge investment from the private sector as well as catalyse investment from incumbent operators.”
CityFibre’s network is used by Vodafone and TalkTalk among other internet providers. It is live in 46 places around the UK.
Prime Minister, Boris Johnson said: “The Government is committed to making high-speed broadband available for every part of the UK, and this exciting investment will turbocharge the UK’s full-fibre rollout. It will revolutionise people’s lives and generate huge economic benefits, jobs and growth.
“The UK is open for business and attracting investments like this as a high-value, high-growth science superpower, specialising in industries of the future.”
No comments:
Post a Comment