The government of Qatar has announced plans to invest £10bn ($12.5 billion) in the U.K. over the next five years, with a focus on major economic sectors including technology, healthcare, infrastructure and clean energy.
What Happened: The Financial Times reported Qatar’s Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani stated the funds would be channeled through the Qatar Investment Authority (QIA) over the next five years.
“We hope this will bring a big deal of opportunities to the U.K. and Qatar in the near future,” said Sheikh Mohammed, who is also chairman of the QIA and manages $450 billion. “Especially in the areas of technology, fintech, sustainability, there’s great potential with zero-net happening,” he added, referring to the U.K.’s plans to cut its net carbon emissions to zero by 2050.
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Why It Matters: Prime Minister Boris Johnson welcomed the investment as “another vote of confidence in the U.K.’s brilliant businesses and cutting-edge industry.” Johnson met with the Qatari emir, Sheikh Tamim bin Hamad al-Thani, on Tuesday and added the new investment would boost the U.K.’s economy and ensure “regional stability and improving energy security following Russia’s appalling invasion of Ukraine.”
Trade between the U.K. and Qatar totaled approximately $6 billion last year and Qatari investment in the U.K. was estimated at more than $50 billion.
Photo: Queen Elizabeth II meeting with Qatar's Sheikh Tamim bin Hamad al-Thani; photo courtesy of The Royal Family Facebook page.
