DOHA: Qatar’s investment in the UK has reached an estimated £30bn. The country will continue to be one of the main investment destinations of Qatar, said the Minister of Economy and Commerce, H E Sheikh Ahmed bin Jassim bin Mohammed Al Thani, yesterday.
Opening the Qatari-British Economic Forum in London yesterday that coincided with the official visit of the Emir
H H Sheikh Tamim bin Hamad Al Thani’s UK visit, the minister stated Qatar’s exports to the UK has jumped to $4.5bn in 2012 from $1bn in 2008. The trade with the country will continue to grow.
The minister announced that Qatar’s ambitious economic diversification has proved to be a big success. Diversifying the economy and reducing reliance on oil and gas revenue has paid dividend. As part of the strategy, the private sector emerged as a major partner in Qatari national economy.
Rising from 41 percent in 2008, Qatar’s non-hydrocarbon sector hit a 46 percent of the total GDP last year. At present, the non-hydrocarbon sector accounts for half of Qatar’s total GDP. The strategy of diversifying the economy represents a valuable opportunity to British businessmen.
However, Sheikh Ahmed bin Jassim noted Qatar’s strong growth prospect was mainly due to its hydrocarbon exports. The country has the third largest natural gas reserve in the world, worth more than $17 trillion. The country’s investment in the field of producing LNG made it one of the pioneers of the field, he said.
Qatar is currently involved in the implementation of mega infrastructure projects, estimated at a total value of $200bn. The works of all the major projects are going on in full swing. The development projects offers huge investment opportunities for foreign investors, he said.
On the fast progressing Lusail City project, he said, once completed, the project could accommodate 200,000 people, in addition to 170,000 employees. $45bn is spending to develop this vast planned city. He said $7.4bn has been allocated for constructing Doha Port, which is considered as one of the largest construction projects of its kind in the world stressing that it was designed to help Qatar to implement its objectives to strengthen trade relations with all countries. The Peninsula
