Qatar, UK sign several deals in London

London: The State of Qatar and the United Kingdom have signed a number of bilateral agreements, including the Qatar Central Bank’s donation agreement to the UK’s King’s College to establish the Qatar Centre for Global Banking & Finance within King’s Business School.

Both parties also signed a membership agreement between Qatar Development Bank (QDB) and Innovate Finance’s international hub, the first of its kind. Under the agreement, Innovate Finance renews its commitment to supporting the development of the FinTech ecosystem in Qatar, as well as the approval of QDB’s membership of the Financial Conduct Authoritys (FCA) Global Financial Innovation Network (GFIN).

The signing ceremony was held on the occasion of London’s hosting of Qatar Day with the support of the British Department for International Trade and the City of London in partnership with the City of London Corporation, in which the UK reiterated its commitment to enhancing trade and investment ties, and support Qatar to develop its financial services sector.

British Department for International Trade and Qatar Central Bank affirmed their commitment to bilateral cooperation in cybersecurity and achieving the objectives set out in the memorandum of understanding signed between the two countries last year.

The UK Secretary of State for International Trade, Liam Fox, described Qatar as the “Investment Power” and “Natural Partner of the UK,” lauding the benefits of Qatari investment in Britain.

“Qatar Day is an opportunity to showcase the UK’s world-leading financial services sector, and use our industry expertise to support Qatar in their ambition to become the Middle East’s global hub for banking and finance,” the British minister said. “Today’s event will help forge greater economic ties and is a testament to the importance that both the UK and Qatar place on our bilateral relationship,” he added.  “My international economic department is committed to supporting increased trade and investment between our two countries, to help deliver prosperity at home and abroad,” Liam Fox said.

Qatar Central Bank Governor, H E Sheikh Abdulla bin Saoud Al Thani, said, “Qatar and the UK enjoy a strong economic partnership which generates numerous shared opportunities and benefits. The agreements signed yesterday are a testament to this strong relationship. The UK is the single largest destination for Qatari investment in Europe, and in turn, Qatar is proud to be a hub for UK companies doing business in the MENA region and a link for trade between the UK and Asia.”

HE the Governor added that Qatar is one of the largest investors in the UK with more than £35bn investments in the British economy, adding that the figure is expected to continue to rise after a commitment by Qatar in 2017 to allocate £5bn additional investments over a five-year period, half of which has already been invested in the UK.

The governor further added that the volume of trade between the UK and Qatar reached £5.3bn in 2018, pointing out that according to the latest figures, about 4,500 British trading companies exported a range of goods to Qatar compared to about 500 companies imported from it.

Lord Mayor of London, Peter Estlin, said, “Qatar presents huge long-term opportunities for the City of London and the UK’s financial services industry.”

“After a fruitful visit to Doha earlier this month, I am looking forward to welcoming Qatar Central Bank Governor H E Sheikh Abdulla bin Saoud Al Thani to London, as we continue to embark on the start of a great new chapter in our economic partnership,” Estlin added.

“Qatar’s considerable investments have created jobs and prosperity across the UK. I look forward to discussing how we can continue that progress, as well as looking at how the UK can help to develop Qatars financial services industry. Together, we have the opportunity to deepen and grow our ties in the years to come,” he further added.

London’s hosting of Qatar Day highlights the UK’s commitment to supporting Qatar’s plans to diversify its economy as part of the Qatar National Vision 2030.

It also demonstrates the UK keenness to take advantage of mutual opportunities in business through asset management, cybersecurity and sustainable financing (including Islamic finance and green finance), FinTech for the benefit both British and Qatari companies. The event follows a high-level commitment between UK and Qatar in 2017 to strengthen the strategic relationship between the two countries.