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© Reuters.

DUBAI (Reuters), – A sovereign wealth fund in Abu Dhabi said Thursday that the United Arab Emirates will invest 10 billion pounds (13.8 billion) over five years in Britain, building upon their long-standing business ties.

Mubadala is the name of the fund. It said that investment in Britain’s infrastructure and energy transformation, as well as technology, was part of an increase to its Sovereign Investment Partnership (SIP) with Britain’s Office for Investment.

Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan was visiting London as de facto ruler of the UAE.

Khaldoon Mubarak, Mubadala’s managing director, stated in a statement that “Today’s extension of our Sovereign Investment Partnership (SIP) will help accelerate funding as well as innovation in key sector which are fundamental to the economic growth of both countries.”

Mubadala, in March, agreed to invest 800m pounds in life science with Britain’s investment bureau. This office claimed it had contributed an additional 200 million pounds.

Mubadala claimed that over 1.1 million pounds has been spent since March.

($1 = 0.7230 pounds)

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