Doha: Qatar's investment in the united kingdom amounts to more than £ 40bn (QR188.6bn), which is expected to see further development in the coming years as both countries are seeking to broaden and improve ties in new areas, said William Russell, the visiting Lord Mayor of London, yesterday.
In fact, the UK is working to play a major role in the efforts made by Qatar to become a regional hub for renewable finance and FinTech services.
The bilateral relations between Qatar and therefore the UK are historic and really strong and deep rooted most sectors. These relations, especially within the field of trade, investment and other services sector, are set to the touch new heights within the run-up to the Qatar 2022 FIFA World Cup and beyond as both the countries are working closely and aggressively to reinforce the extent of cooperation.
Russell, a British financier, who is serving because the 692nd Lord Mayor of the town of London for 2019–2020, noted that top government and personal officials from both the countries are working to reinforce the bilateral cooperation, with special focus in areas like green finance, FinTech and lots of other services sector.
I was here to reiterate the strength of the connection that we've with Qatar. it had been a really successful visit. i used to be fortunate enough to satisfy H H the Amir and H E the Prime Minister of Qatar. During the meeting we discussed about sustainability in green finance and the way this is often a biggest issue having to save lots of the earth going forward.
said Lord Mayor.
We also discussed about the bilateral relations on trade and investment. We are grateful for the large amount of investment Qatar has made within the UK, and that i was pleased to listen to that that investment will still grow post-Brexit.
He further added:
Qatar has invested over £40bn within the UK, and QIA (Qatar Investment Authority) is one among the few sovereign wealth funds that invested over £5bn during the Brexit period of three and a half year after the referendum. We are very grateful for the friendship.”
Commenting about the upcoming UN global climate change Conference, he said that the united kingdom goes to host the COP 26 (in Glasgow, Scotland from 9 to 19 November 2020) where it want the planet , including Qatar, to return together and show leadership for a sustainable world.
In the united kingdom we've committed to be a zero emissions country by 2050, and today the BP, British energy major, has also announced to be net zero emissions by 2050.
noted the Lord Mayor.
On Qatar’s preparations for the 2022 FIFA World Cup , he said: “We are excited about it. I even have seen a number of the works that have already been done. It’s very impressive, and that i am sure, it's getting to be an incredible event. Some 30 British companies are looking forward to assist during the planet Cup.”
Russell, who is additionally the ambassador for the UK’s financial and professional services that employees about 2.3 million people, reiterated that FinTech and green finance are a number of the important areas where Qatar and UK are working to collaborate during a big way for mutual benefits.
London is one among the leading financial centers of the planet . The financial services sector contributes nearly 12 percent to the country’s GDP. However, there are some apprehensions among some analysts about the performance of the world post-Brexit era, which he refuted.
Responding about the possible impact of the Brexit, he said: “We are getting to sign free-trade agreements with other countries. As far because the financial services sector is concern, we've always been within the forefront.
We have the ecosystem like the rule of law, language, time zone, and more financial institutions than the other cities within the world. we'll still be at the centre of monetary services within Europe.
There are negotiations happening with the EU, and that i am confident that we'll come to an agreement. However, we also recognise that it’s getting to be a challenge but we've the ecosystem and infrastructure to take care of our status together of the highest financial centres within the world.”
During the Brexit period the united kingdom lost some 2,000 jobs but it gained within the FinTech which employees over 76,500 people. And now the united kingdom is that the green finance centre of the planet .
He also said that the Brexit has provided clarity to investors, and therefore the British pound remains at the extent where it had been three and a-half years ago, so it an honest time to take a position within the UK. And he acknowledged that thanks to that clarity, the demand in land sector has also picked up momentum.
The bilateral trade goods and services between the united kingdom and Qatar was £6.7bn at the top of third quarter of 2019. Total UK exports to Qatar amounted to £4.3bn, while total UK imports from Qatar were £2.4bn at the top of third quarter of last year.
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