Qatar will invest up to £10bn in UK sectors including fintech, zero-emissions vehicles, life sciences and cyber security as part of a new ‘strategic investment partnership’ covering the next five years.
An agreement was also signed on energy cooperation, with the Gulf state already providing 40% of the UK’s liquefied natural gas.
Qatar’s emir, Sheikh Tamim bin Hamad al Thani, signed the investment agreement at a Downing Street meeting with Prime Minister Boris Johnson late yesterday, adding to several existing infrastructure investments by the Gulf state already in the UK economy.
The Qatar Investment Authority already owns South Hook LNG terminal in Wales, and London showpieces including Harrods department store and 95% of the Shard skyscraper.
It also is investing in Rolls-Royce's small-scale nuclear reactors business.
The new investment partnership “will create quality job opportunities across the country in key sectors, delivering on our vision of economic growth through trade and investment”, said the Prime Minister in a statement.
He also confirmed that the UK will contribute to a joint Typhoon squadron providing additional air security around the 2022 Qatar FIFA World Cup this winter, with the Ministry of Defence providing venue search training and operational planning support.
Johnson also approved an agreement for Qatari business visitors and tourists to access the UK’s new electronic travel authorisation system from early 2023.
Qatar’s energy minister said “it will take time” for energy prices to reduce, though he told Sky News “we will definitely do our best”.
Last year, the UK agreed a similar £10bn investment deal with the Abu Dhabi sovereign wealth fund.