The British government on Wednesday announced a new partnership with Qatar, involving $1.3 billion (£1 billion) of Qatari investment in climate technologies across Britain. According to a Reuters report, the initiative aims to create thousands of highly skilled jobs and establish leading climate technology hubs in both countries to advance eco-friendly solutions.
Rolls-Royce, the British industrial giant known for its aircraft engines, will benefit from this investment to boost energy efficiency programmes. Qatar’s Prime Minister, Sheikh Mohammed Abdulrahman Al-Thani, noted: “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. 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,” added Sheikh Mohammed.
Qatar’s investments in the British economy currently total around $50.6 billion (£40 billion), with plans to inject an additional $24.7 billion (£19.5 billion) by 2027. The announcement came during a state visit by Qatar’s Emir Tamim Bin Hamad Al-Thani, who was welcomed by King Charles III on Tuesday and is set to hold talks with Prime Minister Keir Starmer.
In a press statement, Starmer said: “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 £1 billion commitment.”
Both countries will sign a Memorandum of Understanding to promote cooperation in financial services, with a focus on the development of sectors such as fintech and green finance.
Britain, eager to secure new trade partnerships post-Brexit, initiated trade talks in 2021 with the Gulf Cooperation Council (GCC), which includes Qatar. A parliamentary committee last year urged the government not to compromise on British values, especially concerning human rights and environmental standards, in these negotiations.
