Qatar set to put in £5 billion more in UK infrastructure projects despite Brexit vows
According to reports, state of Qatar said it plans to inject £5 billion more in transport, property and digital technology.
The Middle Eastern oil-rich giant said that it was buoyant about the future of the British economy. Qatar made it clear that the UK leaving the European Union had little bearing on its decision.
One of the key investor in the country has already invested £40 billion in the UK, it owns Harrods and a 95% stake in the Shard in London.
The state also own stake in Canary Wharf in the London’s Docklands, as well as an interest in the Milford Haven liquefied natural gas terminal in South Wales. After the London 2012 Olympics Qatar also bought the Olympic Village.
“Currently the UK is our first investment destination and it is the largest investment destination for Qatari investors, both public and private,” Ali Shareef al Emadi, the country’s finance minister.
“We have more than £35bn to £40bn of investments already in the UK. We’re announcing an additional £5bn of investment in the next three to five years. Mainly this investment will focus on infrastructure sectors, technology, energy and real estate.”
According to reports, Mr. Al Emadi is set to join UK’s International Trade Secretary Liam Fox in Birmingham on Tuesday where UK firms will display projects, including in sport, cyber-security and healthcare.
UK government is highly dependent on foreign investment to support infrastructure projects such as the new high speed rail link between London, Birmingham and Manchester – HS2.
Even if no ending decisions have been taken on the Qatari investments, Mr Al Emadi did not rule out putting money into HS2. Moreover Mr Al Emadi noted, Qatar had been helping UK to create more job in the recent times.