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UK to invest QR21 bn to finance projects in Qatar

UK to invest QR21 bn to finance projects in Qatar


Tribune News Network
Doha
The United Kingdom will invest QR21 billion (£4.5 billion) to finance investment projects in Qatar, a Ministry of Economy and Commerce (MEC) statement said on Thursday.
The decision reflects the confidence of the British government in the strength of the Qatari economy, Minister of Economy and Commerce HE Sheikh Ahmed bin Jassim bin Mohammed al Thani was quoted as saying.
The announcement came at the inaugural meeting of the Joint Economic and Trade Commission (JETCO) between Qatar and the UK, held in London on Thursday. The second round of the meeting will be held in Doha next year.
The meeting in London was presided over by Sheikh Ahmed and British Minister of Trade Policy Greg Hands.
The two sides agreed to strengthen cooperation in the fields of small and medium enterprises, food security, health and banking.
The meeting also discussed the challenges faced by British companies and the proposed mechanisms to overcome them.
Qatar reviewed what has been achieved during the past year with regard to Prime Minister HE Sheikh Abdullah bin Nasser bin Khalifa al Thani's pledge ” made five months ago at the Qatar Investment Forum in London ” to invest $5 billion in the British economy.
Discussions on forming an advisory council comprising five prominent businessmen from each side was also part of the meeting agenda.
Highlighting the economic situation in Qatar, Sheikh Ahmed said,"The global and regional changes have imposed significant economic and political challenges over the past years and affected the world's major economies. However, Qatar has been able to meet these challenges and strengthen its position as one of the strongest regional economies."
Qatar is one of the largest producers and exporters of natural gas in the world and has the largest liquefied natural gas fleet in the world. The country is working to increase the capacity of LNG production from 77 million tonnes annually to 100 million tonnes per year.
Trade between the two countries reached QR11.6 billion in 2016
Qatar's Ambassador to the UK HE Sheikh Khalifa bin Jassim bin Mohammed al Thani and senior executives of Qatar and British chambers of commerce, Qatar Investment Authority, Public Works Authority and Qatar Development Bank were also present at the meeting.

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