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UK supports Qatar’s aspirations to become fintech hub: William Russell

UK supports Qatar’s aspirations to become fintech hub: William Russell

QNA
Doha
Lord Mayor of the City of London William Russell has said that the United Kingdom supports Qatar’s aspirations to become a financial technology hub in the region.
Addressing a press conference during his visit to Doha recently, Russell praised the new legislation related to financial technology and the establishment of a regional financial centre in Qatar.
The Lord Mayor also expressed UK’s gratitude for the support and friendship it has with Qatar, and renewed the country’s desire for more cooperation on projects related to the FIFA World Cup 2022 in Qatar.
While Qatar’s investments in Britain exceed £40 billion, the Qatar Investment Authority is one of the few sovereign funds that has invested more than £5 billion in the UK after the Brexit.
Lord Mayor Russell pointed out that about 30 British companies are visiting Doha to discuss opportunities in various disciplines related to the World Cup, such as security training, crowd management, consulting, digital services, cyber security and artificial intelligence. Currently, 700 British companies are operating in the Qatari market in various sectors.
“We look forward to raising the number to about 1, 000 British companies,” Russell said.
The two countries, he said, share development interests and economic goals.
For instance, Qatar seeks to raise the share of electric cars in the country to approximately 20 percent of all cars by 2025, while UK is committed to ensuring that all cars in Britain are electric by 2035.
Highlighting possible area of further bilateral cooperation, the lord mayor said, “We had an opportunity to discuss cooperation in the green economy, and we are happy that Qatar takes this seriously.”
The financial services sector in Britain, which comprises financial technology and green economy, employs 2.3 million people.
On the state of the British economy after the Brexit, Russell said the UK would sign free trade agreements with a number of countries. London, he added, remains a centre for financial services in Europe and has the largest number of financial institutions compared to any other European city.
Despite the current challenges and the resulting loss of 2,000 jobs in the country, the infrastructure that the UK possesses will help it to keep its place as the best financial centre in the world, he added.

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