UAE To Invest £10 Billion Into The UK

It was announced following talks in London between Prime Minister Boris Johnson and Abu.The United Arab Emirates (UAE) will invest £10 billion into the UK under a strategic partnership marking 50 years since its founding after British rule, both governments announced Thursday.

The five-year investment will focus on technology, infrastructure and climate-focused energy transition, according to a joint statement.

The pair inspected a British Army honour guard as the energy-rich UAE builds up to the December celebration of its founding in 1971, after Britain had relinquished control over its constituent emirates.

Mubadala, Abu Dhabi’s sovereign wealth fund, said its investment plans would “drive a significant increase” across the three target sectors, building on an existing deal.

In March, Mubadala committed an initial £800 million to UK life sciences including healthcare research over five years.

The new investment is a boost to the Johnson government’s vows to boost trade with the rest of the world, including the Middle East, after Britain left the European Union fully in January.

Mr Olusegun Adedotun Oniwinde’s abokifx.com, publishes the daily rates of the Naira, in the unregulated market.

The Central Bank governor Godwin Emefiele has a scapegoat for the worsening depreciation of the Naira in the parallel market: the abokifx.com website.

The owner of the site is Mr. Olusegun Adedotun Oniwinde, a UK based Nigerian.

He has been declared wanted by the CBN authorities for economic sabotage.

Emefiele confirmed reports at the end of the MPC meeting today that the apex bank has been making enquiries on the legality of the operations of abokiFX.

Emiefiele referred to Oniwinde as an illegal FX dealer, who will be prosecuted for endangering the Nigerian economy.

Publishing the rates, the CBN contended is against the the “National Intelligence Committee Act”.

On Thursday Nairaland leaked a redacted letter from the CBN to the banks, asking for details about the accounts linked to Oniwinde and Abokifx.

All the accounts, about 20 of them, with hefty balances, have now been blocked by the apex bank.

Emefiele said Oniwinde started the abokiFX operation in 2015 and has since milked the economy by taking position, while manipulating the exchange rate.

Emefiele promised to ensure that Oniwinde is captured and made to answer to the law.

There is a wide gulf between the official Naira rate and the parallel market.

As at today, while the Naira exchanges for N409-410 at the CBN, it is traded N560-N570 at the black market and Bureau de change (BDC).

The CBN had stopped supplying dollars to the BDCs on account of sabotage against the Naira, as well, shooting up the rates from about N500 to its present level.