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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