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Qatar’s investment plans:
Qatar promised to invest £10bn into the UK’s technology, clean energy, healthcare and infrastructure sectors.
Similarly, last year the UK signed a deal with the Abu Dhabi sovereign wealth fund to invest £10bn. All this investment is due to the Gulf states having revenues shoot up as energy prices have remained high over the past year.
Qatar is the world’s biggest exporter of liquefied natural gas. Due to Russia’s invasion of Ukraine Qatar’s influence on the UK and other European countries has grown. Currently, Qatar supplies 40% of liquefied natural gas in the UK and we can only expect that number to increase.
Qatar’s foreign ministers statement:
Sheikh Mohammed, Qatar’s foreign minister, says that the funds will be disrupted from the Qatar investment authority over the next five years. The Qatar investment authority has a reported £450 bn under management. In a statement with the financial times Sheikh Mohammed said:
“We hope this will bring a big deal of opportunities to the UK and Qatar in the near future”.
Additionally, Sheikh Mohammed added:
“ Especially in the areas of technology, fin-tech, sustainability, there’s great potential with zero-net happening,”.
In reference to the UK’s plans to cut the UK’s net carbon emissions to zero by 2050.
Mr Johnson’s statement:
Boris Johnson views the deal as a vote of assurance for British business. Mr Johnson stated :
“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 investment agreement was announced during talks between Johnson and Qatar’s emir, on 24th may 2022.
The UK and Qatar signed a memorandum of understanding “ to work together to boost innovation and collaboration supporting the security of global energy supplies.”
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