The UK and Qatar are set to enter major agreements as the Amir Sheikh Tamim bin Hamad Al Thani wraps up his official state visit to the UK. The deal will put the spotlight on cooperation and development of the UK’s fintech and green finance sectors. Qatar’s delegation will be hosted at Downing Street by Finance Minister Rachel Reeves and Economic Secretary Tulip Siddiq. The signing will also be attended by representatives from Citibank, Standard Chartered, Al Rayan and Qatar National Bank.“Signing the agreement will support investment and growth across both countries, stronger cooperation on financial services and improve ties between the UK, Qatar and the wider region,” the finance ministry said in a statement. According to Starmer’s official spokesperson, Britain is looking to deepen its relations with Qatar, with the prime minister hoping that Sheikh Tamim’s visit bring “tangible benefits” for the UK in areas of security and the economy. Additionally, Qatar and the UK government have announced a $1.3bn investment in climate technologies in the UK. The partnership is expected to create thousands of highly skilled jobs over its lifetime and will see the launch of world-leading climate technology hubs across the UK and Qatar to accelerate development in climate-friendly technologies,” a statement by the British government said. As part of the agreement, Qatar will fund technology programmes by British engineering firm Rolls-Royce to improve energy efficiency, promote sustainable fuels, and reduce carbon emissions. The deal will also seen investments in green energy British and Qatari start-ups. “I am proud that Qatar has chosen to base this global partnership here in the UK and I am delighted that the project is getting off the ground with this initial £1bn commitment,” Starmer said. “In a further boost for the UK-Qatar future-facing partnership, the UK and Qatar will also pursue closer ties to seize the enormous potential of genomics – the study of our DNA – to overhaul healthcare, as well as for work focusing on AI’s scope to drive economic growth and make public services more efficient,” he added.
Qatar’s prime minister and minister of foreign affairs Sheikh Mohammed Abdulrahman Al Thani also welcomed the investment with Rolls-Royce. “Qatar is already one of the largest purchasers of Rolls-Royce engines for Qatar Airways and a major investor in the small modular reactor nuclear industry,” Sheikh Mohammed said. “This new partnership further strengthens Qatar’s position as a leading global investor in climate technologies.”
“The United Kingdom has a proud history of innovation in cutting edge technology, and Qatar has long been a trusted investment partner to British businesses,” he added. Qatar’s investments in the UK’s economy are estimated to be valued at about £40bn, with Doha promising to invest another £19.5bn by 2027.
During the visit, Qatar and the United Kingdom agreed to double their joint humanitarian funding to £79.4m ($100m) on Tuesday. UK Foreign Secretary David Lammy announced the major agreement in a statement, where he said the funding is aimed at providing humanitarian assistance globally. Sheikh Tamim’s address to both chambers of the Houses of Parliament on Tuesday saw the Amir expressing Qatar’s wishes to “increase investment into the UK, infrastructure, science and technology sectors, including AI, defence and education.” Qatar’s Amir also urged more action to bring peace to the Gaza Strip and Ukraine. “This past year, we negotiated the release of 109 hostages in exchange for 250 Palestinian prisoners. But despite these early successes, more needs to be done on both conflicts. The Gaza Strip, especially, has been subject to near total destruction,” Sheikh Tamim said in his address to Parliament.
