Qatar’s investment in UK reaches QR150bn, says British PM

Qatar’s investment in the UK has reached £30bn (nearly QR150bn), which is expected to grow further in the near future as the country remains well positioned to weather the economic challenges it faces, David Cameron, the British Prime Minister said.

Cameron told the global publishing, research and consultancy firm Oxford Business Group (OBG) that he was confident economic cooperation between Qatar and the UK could continue to grow.

“The fall in global energy prices will — as elsewhere — have an impact on Qatar’s economy; however, Qatar is well placed to respond,” he said. “If we can continue to be competitive, flexible and proactive, maintaining our position as Qatar’s leading European trading partner, then we can achieve an increased volume of bilateral annual trade beyond £5bn (about QR25bn).”

The British Prime Minister’s thoughts on UK-Qatar relations will appear in full in ‘The Report: Qatar 2016’, OBG’s forthcoming publication on the country’s economy.

The report will contain a detailed, sector-by-sector guide for investors, alongside contributions from leading personalities, including Qatar’s Prime Minister and Interior Minister HE Sheikh Abdullah bin Nasser bin Khalifa Al Thani.

In his commentary, Cameron highlighted the benefits that both countries had gained from a healthy trading relationship.

British firms, he said, were playing a part in Qatar’s 2022 FIFA World Cup and National Vision 2030 initiatives, rolling out projects in healthcare, education and financial services, among others.

Qatar’s £30bn investment in the UK, meanwhile, had produced a raft of projects which range from contributing to a liquefied natural gas terminal in Wales to real estate and retail initiatives, he added.

“Two of the most iconic London buildings, Harrods in Knightsbridge and the Shard in the City, are both owned by Qatar,” he noted.

Cameron also highlighted the “shared interest” that the UK and Qatar had in security.

“Qatar’s security cannot be separated from the UK’s,” he said. “The security of both the UK and Qatar is linked to regional security and stability.”

The Report: Qatar 2016 will be produced in partnership with the Ministry of Economy and Commerce. Contributions will also be made by the professional services firm PwC Qatar and the law firm Pinsent Masons.

Courtesy: thepeninsulaqatar.com