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Prime Minister Boris Johnson met with the Amir of Qatar, Sheikh Tamim bin Hamad al Thani at Downing Street today (May 24) to discuss measures to strengthen economic ties. Several key sectors of the UK economy could reportedly be strengthened by striking a deal with the Middle Eastern nation.
As well as energy and defence, other sectors set for a boost include fintech, carbon-neutral vehicles, life sciences and cyber security.
Prime Minister Boris Johnson said:”Today’s announcement of up to £10billion in new investment 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 job opportunities across the country in key sectors, delivering on our vision of economic growth through trade and investment.
“Qatar is a valued partner for the UK, supported by Sheikh Tamim bin Hamad’s leadership. We had a rich discussion on the issues that matter to both of our countries, including boosting the economy, ensuring regional stability and improving energy security following Russia’s appalling invasion of Ukraine.”
This comes after Qatar pledged to invest into Rolls-Royce’s revolutionary small nuclear reactors.
These are set to provide a cheaper and more efficient way to provide nuclear power than traditional nuclear energy, with the units able to power half a million homes despite being the size of two football pitches
Qatar joined the Government, French oil giant Perenco and US company Exelon Generation with a joint £500million cash injection to help Rolls-Royce speed up the development of groundbreaking technology.
Rolls-Royce and Qatar are also reportedly teaming up to build a science and engineering campus in Britain to develop green technology start-ups.
A source familiar with the discussions told the Financial Times that Qatar would invest billions of pounds into the venture over the next 20 years.
Now, the Gulf State appears to be building even further on its collaboration with the UK, which could bring a boost to the country’s energy security as bills continue to soar.
Business Secretary Kwasi Kwarteng said: “I am delighted to further the UK’s energy cooperation with the State of Qatar as we work to stabilise international energy markets and boost energy security in the context of Russia’s illegal invasion of Ukraine.
“Qatar is already a valued trading partner, recently investing in the future of British low-carbon nuclear technology through the Rolls Royce consortium developing small modular reactors. Today’s meeting will deepen our relationship even further, reinforcing the UK’s energy security and delivering cleaner and affordable energy in the years ahead.”
This comes as the UK has been scrambling to slash energy ties with Vladimir Putin amid the Ukraine crisis, despite only getting five percent of its supplies from Russia.
Qatar is already the top exporter of liquefied natural gas to Britain supplying 40 percent of this fuel.
Now, Mr Kwarteng has signed a Memorandum of Understanding on energy cooperation with Qatar’s Minister of State for Energy Affairs, which could help scupper the last remaining links with Putin.
But an emphasis on renewable energy sources appeared to be a feature in the announcements from ministers, which could imply the new funding may be geared towards alternative fuel sources.
Minister for Investment Lord Grimstone said: “It is excellent news that Qatar is targeting up to £10 billion investment into the UK through our new Strategic Investment Partnership.
“Not only will it boost local economies and support jobs, but it supports our green economy and decarbonisation – crucial in meeting our Net Zero targets.
“It also strengthens our relationship with Qatar ahead of our UK-Gulf Cooperation Council trade negotiations.”
This is a breaking story. More to follow.
