Tribe Techie has learnt that Qatar will invest £1 billion ($1.27 billion) in climatetech in the UK, with British engineering firm Rolls-Royce a key beneficiary.
The Qatari and British governments have announced a spate of deals as the Gulf country’s emir arrived in the UK on a two-day state visit.
According to the UK government, the investment is expected to create thousands of jobs and launch climatetech centres in both countries.
The two countries, which have a long history of economic, diplomatic and military ties, also signed a memorandum of understanding to promote cooperation in financial services, with a focus on green technology and fintech. The UK has previously signed similar deals with the UAE and Saudi Arabia.
Comments from stakeholders on the Climatetech partnership
Rolls-Royce CEO Tufan Erginbilgic said in a statement: “Enabling the energy transition through lower carbon technologies is a key part of our strategy. We are delighted to welcome Qatar as a strategic partner, who will support the growth of these technologies.”
“Signing the agreement will support investment and growth across both countries, stronger cooperation on financial services and improve ties between the UK, Qatar and the wider region,” the UK finance ministry said.
Qatar is a major investor in Britain through its sovereign wealth fund, the Qatar Investment Authority. Qatar owns at least £40 billion worth of British assets, including the Canary Wharf business and entertainment district in East London, the Shard skyscraper in central London and stakes in Barclays and Heathrow Airport.
The UK’s new Labour government is making a concerted push to entice Gulf investors to the country. In October UK trade minister Douglas Alexander told correspondents that they are “actively seeking inward investment” from the Gulf’s “globally mobile capital investors”.
