Britain Close To Securing UAE Life Sciences Investment
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The UK is close to securing a huge investment in its life sciences and biotech sector, as talks continue over a public-private partnership involving the UEA sovereign wealth fund.
Chancellor of the Exchequer Rishi Sunak has been working on completing details for the project, which would see the fund giving a “turbo boost” to the sector in the UK.
Known as the Life Sciences Investment Programme, it would be backed by £200 million from the government and £400 million from the private sector, including the £168 million state-funded Mudabala investment company.
The UK government is keen to build on the country’s biotech and life sciences sector, particularly in view of the major role it has played in fighting the Covid-19 pandemic. This reputation may make the sector a key source of economic growth as long-term solutions may be needed to deal with the Coronavirus, such as new treatments and research into modified vaccines to beat mutant strains.
Among the government bodies involved in the project are the Treasury, the British Business Bank and the new Office for Investment. A Treasury spokesperson said: “We remain committed to providing £200million funding to the Life Sciences Investment Programme, to unlock additional investment in our world-leading life sciences sector.”
The Financial Times stated that the Mudabala side of the project is being managed by Khaldoon Al Mubarak, chairman of the company and a key man for managing relations between the UAE and the UK.
A source at Mudabala told the news provider a deal was a possibility, but for now it was “just one option, down the road”.
However, the UAE has already invested heavily in the UK, including the London Array offshore windfarm and the London Gateway.
Khaldoon Al Mubarak is himself the chairman of City Football Group, which is centred on Premier League Football Club Manchester City. The club was taken over in 2008 by the Abu Dhabi United Corporation, using ruler Sheikh Mansur’s wealth to subsequently bankroll the team.
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