The Prime Minister at the Qatar-UK Business and Investment Forum in London yesterday.
London: Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani said yesterday that Qatar will invest £5bn (QR22.5bn approximately) in the UK economy over the next three to five years.
The announcement was made at the high level Qatar-UK Business and Investment Forum which the Prime Minister opened here yesterday.
Top business and political leaders from both countries have gathered for the Forum where British firms showcase high profile investment-ready projects to their Qatari counterparts. "Our investments in the UK will focus on energy, infrastructure, real estate and other sectors," said the Prime Minister.
"Qatar is already a top investor in the UK, having invested more than £40bn across the country. However, the Forum represented a further bolstering of economic relations between Qatar and the UK," he added.
In his opening address earlier, the Prime Minister said that the UK will continue to remain one of Qatar’s preferred investment destinations, particularly in the real estate sector.
The Premier said UK is number one destination for Qatar in many terms. Qatar is one of the largest exporters of LNG to UK. The country is the favourite destination for Qatari investments. It is one of the most favourite destinations of Qatari students and tourists. The Forum will be an important opportunity to strengthen bilateral ties and open new investment opportunities for both the public and private sectors.
The Prime Minister began his speech by conveying the condolences of Emir H H Sheikh Tamim bin Hamad Al Thani to the families of the victims of recent London terrorist attack. He said the Emir has stressed Qatar’s support to all measures the UK will take to combat terrorism and maintain the security and stability in UK.
The Premier noted that the United Kingdom is now looking to bolster its strategic ties in all fields. Qatar for its part, was entering an important phase in the implementation of the programmes and projects that would help realize Qatar National Vision 2030. The country has completed the first phase of its ambitious National Development Strategy 2011–2016 and is entering the second phase from 2017-2022.
“These plans will help the State of Qatar build in the future a diversified economy that is not reliant on natural resources but rather knowledge based.”
One of the priorities, the Prime Minister said, was to transform Qatar into an international hub for knowledge-based and innovative industries. Qatar is also looking to expand its partnerships in the field of education, health, sports, and security.
The Prime Minister noted that the UK was a leader in all these fields and Qatar will show confidence in UK firms in its attempts to diversify the economy.
He expressed his confidence that the strong ties between Qatar and UK over the year will play an important role in providing a suitable environment for cooperation in all fields.
“Qatar had great confidence in the UK, something that will be reflected in Qatari investments in the coming decade. The discussions that will take place in the forum over the next two days will help place a joint vision for enhancing bilateral cooperation,” he said.
Attending a panel discussion on “Qatar’s Financial Power”, Finance Minister H E Ali Shareef Al Emadi said Qatari banks are strong enough to weather the storm of oil price fall. Qatari banks have proved time and again they are resilient to downturns.
Participating in a separate panel discussion, Minister of Energy and Industry H E Dr Mohammed Saleh Al Sada said Opec and non-Opec member countries are putting their best efforts to stop the oil supply overhang.
H E Sheikh Ahmed bin Jassim Al Thani, Minister of Economy and Commerce said UK will be an important partner for Qatar in its ambitious economic diversification process.
Delivering the key note address at the opening session, UK Secretary of State for International Trade and President of the Board of Trade Dr Liam Fox said that UK and Qatar can cooperate to face challenges of the this century.
“This is the best time to invest in Britain, especially as it prepares to exit the European Union and seeks to strengthen its old partnerships and build new ones”, secretary Fox said.
