The managing director and group chief executive of UAE investment fund Mubadala has told a UK investment conference that the British government ought to be increasing backing for early-stage tech companies to attract more investors.
Khaldoon Al Mubarak said the Mubadala fund has had a profitable relationship with Britain's technology companies.
“We’ve done very well,” Mr Al Mubarak told the Global Investment Summit in London.
“It [technology] has been an area which I think will continue to prosper as long as the UK government continues to support, really focus on and really address [it] from the early stages to scaling up.
“That’s an area where support is needed and if the UK government focuses on that area, it’ll help investors to be part of that chain – not just from early venture, but all the way to growth and then hopefully to the mature technology level.”
Mr Al Mubarak later attended a reception at Buckingham Palace to mark the conclusion of the summit alongside Sheikh Hamed bin Zayed, the managing director of Abu Dhabi Investment Authority, and Saudi businessman Yasir Al Rumayyan, chairman of Newcastle United.
The purpose of the GIS, which was held at Hampton Court Palace in south-west London on Monday, was to raise the levels of foreign direct investment in the UK.
Sharing a platform with UK Chancellor Jeremy Hunt, Mr Al Mubarak said over the past five years, Mubadala has been “focusing really on sectors that the UK has immense strength in”, which were clean tech, high-tech, life sciences and digital infrastructure.
He said energy transition had been a “been a great platform” for the fund.
“I would say today we are probably one the largest investors of wind generation in the UK. The regulatory environment is excellent, the returns have been good and the tariff structure has been conducive to investment,” he explained.
“That’s allowed us over the years to start investing here [in the UK] and start to build up and scale up in terms of our portfolio when it comes to the energy transition space.
“That’s an area I hope will grow and continuing to invest in.”
'People like to come to London'
Mr Hunt noted that the sovereign investment partnership relationship between the UAE and Britain has “led to £12 billion of investment in two years or so”.
The UAE-UK Sovereign Investment Partnership was initially set up with a £1 billion joint investment in life sciences. In 2021 the investment cycle was expanded, including joint investments in energy transition, technology and infrastructure.
All four sectors were identified by the UK and UAE as priority areas for future growth. Speaking at the time of the agreement, Mr Al Mubarak said the investments were “high impact with high return”.
Also on the same panel on Monday, Yasir Al Rumayyan, governor of Saudi Arabia's Public Investment Fund, said investment in the UK was attractive for many reasons, including the accessibility of the capital markets, but a simpler reason was that “people like to come to London”.
“We already invested in many companies like Aston Martin, McLaren and Newcastle United football club, which is one of the smallest investment, but one of the biggest impacts,” he said.
“You have so many great companies, technologies and people.”
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Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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Director: Kaouther Ben Hania
Rating: 4/5
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Bayern Munich 5 Eintrracht Frankfurt 2
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Getting there
Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.
Staying there
On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.
More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr
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The specs: 2018 Chevrolet Equinox
Price, base / as tested: Dh76,900 / Dh110,900
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Power: 252hp @ 5,500rpm
Torque: Torque: 352Nm @ 2,500rpm
Fuel economy, combined: 8.5L / 100km
THE BIO: Mohammed Ashiq Ali
Proudest achievement: “I came to a new country and started this shop”
Favourite TV programme: the news
Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”
Family: six sons in Dubai and a daughter in Faisalabad
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
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Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Power: 261hp at 5,500rpm
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Academics: Phd in strategic management in University of Wales
Number one caps: His best-seller caps are in shades of grey, blue, black and yellow
Reading: Is immersed in books on colours to understand more about the usage of different shades
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19 grand slam singles titles
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French Open: 2 (2016, 21)
US Open: 3 (2011, 15, 18)
Australian Open: 9 (2008, 11, 12, 13, 15, 16, 19, 20, 21)
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ROGER FEDERER
20 grand slam singles titles
Wimbledon: 8 (2003, 04, 05, 06, 07, 09, 12, 17)
French Open: 1 (2009)
US Open: 5 (2004, 05, 06, 07, 08)
Australian Open: 6 (2004, 06, 07, 10, 17, 18)
Prize money: $130m
RAFAEL NADAL
20 grand slam singles titles
Wimbledon: 2 (2008, 10)
French Open: 13 (2005, 06, 07, 08, 10, 11, 12, 13, 14, 17, 18, 19, 20)
US Open: 4 (2010, 13, 17, 19)
Australian Open: 1 (2009)
Prize money: $125m
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- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
