Abu Dhabi sovereign investor, Mubadala, is set to make a multibillion-dollar investment in clean energy after signing agreements with an Italian energy infrastructure firm and the UK government.
The agreement with Italy’s Snam will see the two collaborate on hydrogen projects in the UAE and Gulf region.
Musabbeh Al Kaabi, chief executive of UAE Investments at Mubadala Investment Company said the signing was “an extension of our joint efforts to develop a hydrogen economy for the UAE”. In 2020, Mubadala joined the investor group of the Hydrogen Council and also formed the Abu Dhabi Hydrogen Alliance alongside oil company ADNOC and holding company ADQ.
Mubadala has also signed a long-term investment agreement with the UK government and its life sciences industry.
The UAE-UK Sovereign Investment Partnership is set to run over five years. Mubadala will make an initial investment of £800 million alongside £200 million from the UK’s Office for Investment (Ofi).
The capital will be focused on tech-led sectors such as energy transition and infrastructure and developing joint research projects.
The UK hosts the UN COP26 climate change summit in November and is keen to attract international investment for green energy projects in the lead up to the event.
Khaldoon Khalifa Al Mubarak, managing director and group chief executive of Mubadala said: “The UAE and UK are aligned on the importance of global action on critical priorities such as healthcare innovation and delivery, climate change and the sustainable growth of high-skilled industries.”
©2021 funds global mena