DUBAI: The United Arab Emirates plans to invest 10 billion pounds ($13.8 billion) in Britain over the next five years, building on the two country's long-running business ties, an Abu Dhabi sovereign wealth fund said on Thursday.

The fund, called Mubadala, said the investment in Britain's energy transition, infrastructure, technology and life sciences industries marked an expansion of its Sovereign Investment Partnership with Britain's Office for Investment.

The announcement was made as the UAE's de facto ruler, Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan, was in London visiting British Prime Minister Boris Johnson.

"Today's expansion of our Sovereign Investment Partnership will help accelerate funding and innovation in key sectors that are foundational to economic growth of both nations," Mubadala's Managing Director Khaldoon Mubarak said in a statement.

UAE announces plans to boost economy, attract workers

Mubadala in March agreed to invest 800 million pounds in life sciences with Britain's investment office, which said it was contributing an additional 200 million pounds.

Since then, over 1.1 billion pounds have been deployed, Mubadala said.

Reuters