Green Investment Bank in Abu Dhabi deal

#abudhabi #infrastructure #uk #gib #greeninvestmentbank #manufacturing #engineering #ukmfg #london #londonarray #windfarm #offshorewindfarm Abu Dhabi is to invest in infrastructure projects in the UK over the next seven years, following the signing of a Memorandum of Understanding with the Green Investment Bank (GIB). Sheikh Khalifa bin Zayed Al Nahyan, president of the United Arab Emirates, signed the MoU at an event hosted by the Duke of York at Buckingham Palace last Wednesday.

Under the terms of the MoU, Abu Dhabi and the GIB will “consider opportunities” to invest jointly in projects such as the London Array offshore wind farm (the Arab nation’s state-backed renewable-energy company — Masdar — has already invested more than £500 million in this, giving it a 20% equity stake).

GIB chief executive Shaun Kingsbury said: “This relationship shows how we can act as a catalyst to bring in additional funds for ‘clean-energy’ projects to complement the support we’ve already received from the Government.”