UAE to invest $690m in UK’s CityFibre as Sheikh Mohamed visits

The United Arab Emirates will invest £500m ($690m) in UK-based CityFibre to roll out high-speed broadband, the UK government said on Wednesday, as the Abu Dhabi Crown Prince visited London.

The investment in the digital infrastructure group is part of a larger raising of capital by CityFibre, a statement from the office of UK Prime Minister Boris Johnson said. During the visit of Sheikh Mohamed bin Zayed Al Nahyan, the Abu Dhabi wealth fund Mubadala Investment Company will expand a Sovereign Investment Partnership agreed earlier this year.

The UAE said this month it was seeking comprehensive economic agreements with countries showing high potential for growth, including the UK post-Brexit. The UAE and UK will focus on investments across the UK in life sciences, technology, energy transition and infrastructure, the statement by Johnson’s office said.

The two countries will also agree on a partnership to tackle illicit financial flows, it said, without giving details.

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