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Mubadala to invest $1.1 billion in UK life science and health projects

·1-min read

DUBAI (Reuters) - Abu Dhabi state investor Mubadala Investment Co on Wednesday said it has signed an agreement with the UK's Office for Investment to invest 800 million pounds ($1.1 billion) in life sciences and healthcare development projects.

The agreement with the UK body established last year is aimed at deepening existing trade and investment ties between the UK and United Arab Emirates (UAE), which were worth 32 billion pounds in 2019, Mubadala said on its website.

Mubadala has made an initial 800 million pound commitment, which will be deployed alongside the UK’s 200 million pound Life Sciences Investment Programme announced last year.

These funds will provide stable investment into the next generation of life science companies in the UK, the statement said.

Mubadala Chief Executive Khaldoon Khalifa al-Mubarak last year said that the state fund would make a significant increase to investment in life sciences and medical technology, with healthcare viewed as a profitable sector.

The company already owns Cleveland Clinic in Abu Dhabi and in 2019 acquired Amana Healthcare, a provider of long-term care and specialised rehabilitation and home healthcare services.

Mubadala is also considering launching a bid for NMC Health’s core hospital business, Reuters reported, citing sources familiar with the matter.

($1 = 0.7294 pounds)

(Reporting by Saeed Azhar; Editing by David Goodman)