India trade deal ‘not possible’ without Brexit says Liz Truss
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
The UK Prime Minister and Sheikh Mohammed bin Zayed Al Nahyan will agree on a comprehensive “Partnership for the Future” with the Middle East nation. The agreement will intensify collaboration between the UK and UAE in areas including trade, security, tech, development and tackling climate change.
The UAE-UK Sovereign Investment Partnership is also expected to confirm a multi-billion pound tranche of investments in the clean energy transition, life sciences and infrastructure and technology sectors.
This will include a £500m investment in digital infrastructure.
The deal will be announced after Mr Johnson hosts Sheikh Mohammed for a bilateral meeting at Downing Street, a military Guard of Honour and a UK-UAE business reception.
Ministers say the UAE is already a key partner for the UK, with total trade between both countries worth £12billion in 2020.
Mr Johnson added: “The UAE and the UK share a long and rich history, but with today’s agreement we are looking to the future.
“By working ever more closely together, our nations will be at the forefront of the industries of the future, helping to tackle climate change and boost prosperity.
“Ambitious partnerships like this are central to the Government’s strategy to be a leading global force in science and technology, driving major investments to level up across the UK and create high-value jobs.”
The deal by Mr Johnson will open up the UAE to doubling investment in the UK to £10bn over the next five years.
Investment minister Lord Grimstone said the UAE investment would be “the biggest of its type so far in this parliament”.
He added: “You have to see this in the context of the UK wanting to forge these strong bilateral relationships.
“Perhaps we haven’t always given as much attention as we should do, in the past, to these strong historic relationships and both our leaders absolutely felt it was the right time to reinvigorate this.”
The UAE is a member of the Gulf Co-operation Council (GCC), a regional trade bloc that has been negotiating trade deals as a grouping.
UK to launch rockets from Spaceport after Danish legal challenge [INSIGHT]
Fury as SNP Health Secretary tells Scots to ‘think twice’ before call [REVEAL]
EU blasted over City of London ‘power grab’ over financial services [LATEST]
Discussions are ongoing with the UK on a potential trade deal with the six GCC countries, which also include Qatar and Bahrain.
But Thani al-Zeyoudi, the UAE’s trade minister hinted the Gulf state would also pursue its own negotiations to expand business with the UK.
Source: Read Full Article