The United Arab Emirates will invest £500 million ($690 million) in UK-based CityFiber to roll out high-speed broadband, the UK government said on Wednesday, as the Gulf kingdom’s de facto ruler visited London.
A statement from UK Prime Minister Boris Johnson’s office said the investment in digital infrastructure conglomerate is part of a larger raise of capital by Citifiber. Abu Dhabi wealth fund Mubadala Investment Company will expand a sovereign investment partnership agreed earlier this year, during the visit of Sheikh Mohamed bin Zayed Al Nahyan.
The UAE said this month that it was seeking comprehensive economic agreements with countries showing high potential for growth, including Britain’s post-Brexit. The statement from Johnson’s office said the UAE and UK will focus on investments across the UK in life science, technology, energy transition and infrastructure.
The two countries will also agree on a partnership to combat illicit financial flows, the statement said.
Don’t miss a story! Stay connected and informed with Mint.
download
Our App Now!!
.