Increasingly looking for economic benefits, the United Arab Emirates is often seen making landmark deals with some of the most powerful nations of the world. One of the major fruitful allies, the United States, has been stepping back since Joe Biden came to power. Consequently, the Emirates has been attempting to increase the variety in its bowl of alliance, while desiring an economy beyond oil.
Recently, the Emirati de facto ruler, Mohammed bin Zayed visited the United Kingdom and met the British Prime Minister Boris Johnson, in an attempt to strengthen the economic and trade ties with Britain. Soon enough, the UAE pledged to invest £10 billion ($13.8 billion) into the UK over the next five years. Expected to boost the economic growth in both the nations, the investment was to be made in UK technology, clean energy and infrastructure.
The investment deal was struck between the UK Office for Investment and the Emirati sovereign wealth fund, Mubadala. The chief executive of Mubadala, Khaldoon al-Mubarak said the UAE already invested £1.1 billion ($1.5 billion) into the British firm and funds, over the past six months. He also highlighted that the UAE was planning to hit the investment target of £2 billion by the end of the year.
It came as a part of the Emirates’ 10-year plan of attracting $150 billion in foreign direct investment by 2030. However, the past investment relations between the UK and the UAE have far been just about economic growth. Instead, some strong stains of corrupt and vague acts remain on such ties between the two countries.
Last time the Emirates spent money in Britain, it was found in the scandalous team of ministers, who had a privileged access to some of the UK’s political elite, globally prominent institutions, the NHS and prime estate deals. A team of 10 top officials was set up under the codename Project Falcon.
In 2015, it was revealed that the UAE Mubadala investment fund had been involved in several “secret” meetings with these British ministers in 2013. A crucial connection in these confidential meetings with the Emirati sovereign wealth fund officials was Tony Blair, who acted as the lobbyist for the UAE in London.
In July 2013, Blair attended a covertly-conducted meeting, where the Falcon officials and the Tory Treasury Minister Paul Deighton presented projects for the UAE’s Mubadala. Consequently, the Emirates, through Blair, invested several millions and billions into Britain, including the 2014 investment of £60 million to the UK’s Great Ormond Street hospital.
In the same year, the UAE invested £1 billion into the Manchester Life, which met with a little public scrutiny over the Emirates’ poor human rights records. A country that is known for arbitrarily detaining and torturing the dissidents and activists for years, the Arab nation is back to funnel money into the British economy. The malicious history of the UAE Mubadala investment fund and the UK, however, speaks tons about what risks the future Emirati investments are potentially holding.
