PM hails Qatari £10bn ‘vote of confidence’ in UK

Prime Minister Boris Johnson meets the Emir of Qatar Tamim bin Hamad Al Thani at 10 Downing Street

  • The Prime Minister hosted the Emir of Qatar today to develop our historic partnership and agree new joint work on trade, energy and defense
  • The strategic investment partnership will see Qatar invest up to £10 billion in key industries across the UK, creating jobs and growth
  • The UK and Qatar have agreed to work together to improve the stability of energy supply chains and support security at the 2022 World Cup

The Prime Minister welcomed the Emir of Qatar, Sheikh Tamim bin Hamad al Thani, to Downing Street today [Tuesday] to discuss ways to boost economic growth and tackle global challenges together.

The UK and Qatar have signed a new Strategic Investment Partnership (SIP) which will see Qatar invest up to £10 billion over the next five years in key sectors of the UK economy including fintech, zero-emission vehicles, life sciences and cybersecurity. The investment is expected to create high quality jobs in new industries across the country.

The Prime Minister and the Emir also had a broad discussion on geopolitical issues. They were united in their condemnation of Russia’s aggression in Ukraine and discussed regional security issues, including relations with Iran.

Prime Minister Boris Johnson said:

Today’s announcement of a new investment of up to £10 billion from our Qatari friends is another vote of confidence in the UK’s brilliant businesses and cutting-edge industry. The new UK-Qatar Strategic Investment Partnership will create quality employment opportunities across the country in key sectors, delivering on our vision of economic growth through trade and investment.

Qatar is a valuable partner for the UK, backed by the leadership of Sheikh Tamim bin Hamad. We had a rich discussion on the issues that matter to our two countries, including reviving the economy, ensuring regional stability and improving energy security in the wake of the appalling invasion of Ukraine. by Russia.

Trade between the UK and Qatar was worth £4.8billion last year and Qatari investment in the UK economy is already estimated at over £40billion, supporting jobs and growth in all the countries.

Investment Minister Lord Grimstone said:

It’s great news that Qatar is targeting up to £10 billion of investment in the UK through our new strategic investment partnership.

Not only will this boost local economies and support jobs, but it will also support our green economy and decarbonization – crucial to achieving our Net Zero goals. It also strengthens our relationship with Qatar ahead of our trade negotiations between the UK and the Gulf Cooperation Council.

Business Secretary Kwasi Kwarteng also signed a memorandum of understanding on energy cooperation with Qatar’s Minister of State for Energy Affairs at Downing Street. Qatar is a major energy supplier for the UK, supplying 40% of our liquefied natural gas – the new MoU commits us to working together to drive innovation and collaboration, supporting security of supply global energy.

UK Business and Energy Secretary Kwasi Kwarteng said:

I am delighted to continue the UK’s energy cooperation with the State of Qatar as we work to stabilize international energy markets and strengthen energy security in the context of the illegal invasion of Ukraine by Russia.

Qatar is already a valuable trading partner, having recently invested in the future of Britain’s low-carbon nuclear technology through the Rolls Royce consortium developing small modular reactors. Today’s meeting will deepen our relationship even further, strengthening the UK’s energy security and delivering cleaner, more affordable energy for years to come.

The Prime Minister and Amir discussed the upcoming Qatar 2022 World Cup this winter, and the UK has committed significant new military and counter-terrorism support to the smooth running of the event. A joint UK-Qatar Typhoon squadron will provide additional aerial security, and the Ministry of Defense will provide advanced site-finding training and operational planning support.

The Prime Minister also confirmed that the UK will ensure that Qatari nationals can access the UK’s new electronic travel authorization system from the start of 2023, making it easier for business visitors and tourists to travel.

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