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Posted On: 7 July 2019 09:33 am

Qatar, UK trade volume reached $2.9 billion last year

Sumaica Asad
Sumaica Asad
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Qatar-UK

The Qatar Chamber (QC) has participated in the joint Arab-British Economic Summit held at the Queen Elizabeth II Center in London, organized jointly by the Union of Arab Chambers, the Arab-British Chamber of Commerce and the League of Arab States.

QC delegation to the meeting was headed by its Chairman H.E. Sheikh Khalifa bin Jassim bin Mohammed Al -Thani.

The summit focused on the topics that are most relevant to British and Arab business where a wide range of emerging projects are being developed within the Arab world and the broad scope on the British side for deepening Cooperation between the two sides.

H.E. Sheikh Khalifa bin Jassim Al -Thani praised the distinguished relations between Qatar and Britain, describing them as historic and witnessing a growing development in various fields, especially trade and economy noting that Qatari investments in Britain play an important role in the British economy. The strategic partnership in the energy sector through South Hook and South Hook Gas is an important factor in enhancing cooperation relations, he added.

He said out that the volume of trade exchange between Qatar and Britain reached about $2.9 billion in 2018, compared with $2.8 billion in the previous year, with growth of 3.6 percent, adding that the number of Qatari-British companies operating in the Qatari market reaches 675 companies covering various economic sectors. There are also 50 British companies with a 100% ownership in the Qatari market in various sectors such as decoration, services, energy, consulting, technology, education and health, he said.

The total value of Qatari investments in Britain is around 40 billion, where Britain is Qatar's largest single investment destination with large commercial properties in the heart of London through the Canary Wharf, "The tallest skyscraper in Europe", H.E. Sheikh Khalifa bin Jassim Al -Thani noted.

The most prominent Qatari investments in London include Harrods, the world's most famous department store, the Olympic Village, and various stakeholdings in a number of hotels, which play an important role in strengthening the British economy.

Source: QNA