Friday, 13 January 2023

UK on course for £10bn of #UAE investment after relationship reset | Financial Times

UK on course for £10bn of UAE investment after relationship reset | Financial Times


The UK expects to raise tens of billions of pounds of investment from the United Arab Emirates as it resets its business relationship after last year’s political chaos in Westminster. 

Grant Shapps, secretary of state for business, energy and industrial strategy, said on Friday that “political changes” in the UK, which resulted in the country having three prime ministers in a year, had potentially slowed the pace of inward investment from the Gulf state. 

He added that Russia’s invasion of Ukraine last February and resulting policy changes, such as windfall taxes on energy companies had also been factors. 

During meetings with government official and sovereign funds, Shapps said that UAE investors were focused on going beyond the £6.1bn of investment already made through the five-year £10bn UAE-UK partnership, which was sealed in 2021.

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