Qatar has committed investments of up to $12.48 billion (£10 billion) into the UK as part of a new Strategic Investment Partnership (SIP).
The agreement will see Qatar invest in key sectors of the UK economy, including fintech, zero emissions vehicles, life sciences, and cyber security over the next five years.
“Today’s announcement of up to £10bn in new investment from our Qatari friends is another vote of confidence in the UK’s brilliant businesses and cutting-edge industry,” UK Prime Minister Boris Johnson said.
“The new UK-Qatar Strategic Investment Partnership will create quality job opportunities across the country in key sectors, delivering on our vision of economic growth through trade and investment.”
The strategic investment partnership was announced following a visit by the Emir of Qatar, Sheikh Tamim bin Hamad al Thani, to Downing Street.
The two world leaders discussed ways to drive economic growth and address global challenges together, the UK government confirmed in a statement.
Boris Johnson added: “Qatar is a valued partner for the UK, supported by Sheikh Tamim bin Hamad’s leadership. We had a rich discussion on the issues that matter to both of our countries, including boosting the economy, ensuring regional stability and improving energy security following Russia’s appalling invasion of Ukraine.”
Qatar investments into the UK economy
UK-Qatar trade was worth £4.8 billion last year and Qatari investment in the UK economy is already estimated to be worth more than £40 billion, supporting jobs and growth across the country.
The UK Minister for Investment Lord Grimstone said: “It is excellent news that Qatar is targeting up to £10 billion investment into the UK through our new Strategic Investment Partnership. Not only will it boost local economies and support jobs, but it supports our green economy and decarbonisation – crucial in meeting our net-zero targets.
“It also strengthens our relationship with Qatar ahead of our UK-Gulf Cooperation Council trade negotiations.”
Business Secretary Kwasi Kwarteng also signed an MoU on energy cooperation with Qatar’s Minister of State for Energy Affairs at Downing Street.
Qatar is a major energy supplier for the UK, providing 40 percent of its liquefied natural gas (LNG). The new MoU commits the UK to work together with Qatar to boost innovation and collaboration, supporting the security of global energy supplies.
UK Secretary of State for Business and Energy, Kwasi Kwarteng, said: “I am delighted to further the UK’s energy cooperation with the State of Qatar as we work to stabilise international energy markets and boost energy security in the context of Russia’s illegal invasion of Ukraine.”
Qatar also recently invested in the future of British low-carbon nuclear technology through the Rolls Royce consortium developing small modular reactors.
The UK Prime Minister and the Emir also discussed the upcoming 2022 FIFA World Cup in Qatar, with the UK committing significant new military and counter-terrorism support for the safe running of the event.
A joint UK-Qatar Typhoon Squadron will provide additional air security, and the Ministry of Defence with advanced venue search training and operational planning support.
The Prime Minister also confirmed that the UK will ensure Qatari nationals can access the UK’s new Electronic Travel Authorisation system from early 2023, facilitating easier travel for business visitors and tourists.
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