QATAR-UK ANNUAL TRADE CAN EXCEED £5bn, BRITISH PRIME MINISTER TELLS OXFORD BUSINESS GROUP

Qatar remains well positioned to weather the economic challenges it faces and will hopefully “add significantly” to the £30bn ($42.5bn) it has already invested in the UK, David Cameron, the British Prime Minister has said.

Cameron told the global publishing, research and consultancy firm Oxford Business Group (OBG) that he was confident economic cooperation between Qatar and the UK could continue to grow.

“The fall in global energy prices will – as elsewhere – have an impact on Qatar’s economy; however, Qatar is well placed to respond,” he said. “If we can continue to be competitive, flexible and proactive, maintaining our position as Qatar’s leading European trading partner, then we can achieve an increased volume of bilateral annual trade beyond £5bn ($7.1bn).” 

The British Prime Minister’s thoughts on UK-Qatar relations will appear in full in The Report: Qatar 2016, OBG’s forthcoming publication on the country’s economy. The report will contain a detailed, sector-by-sector guide for investors, alongside contributions from leading personalities, including Sheikh Abdullah bin Nasser bin Khalifa Al Thani, Qatar’s Prime Minister and Minister of Interior.

In his commentary, Cameron highlighted the benefits that both countries had gained from a healthy trading relationship. British firms, he said, were playing a part in Qatar’s 2022 FIFA World Cup and National Vision 2030 initiatives, rolling out projects in healthcare, education and financial services, among others.

Qatar’s £30bn ($42.5bn) investment in the UK, meanwhile, had produced a raft of projects which range from contributing to a liquefied natural gas terminal in Wales to real estate and retail initiatives, he added. “Two of the most iconic London buildings, Harrods in Knightsbridge and the Shard in the City, are both owned by Qatar,” he noted. 

Cameron also highlighted the “shared interest” that the UK and Qatar had in security. “Qatar’s security cannot be separated from the UK’s,” he said. “The security of both the UK and Qatar is linked to regional security and stability.” 

The Report: Qatar 2016 will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. The report will be available in print and online.