Qatar to invest 1 bln pounds in climate technologies with UK

LONDON

Qatar's Emir Sheikh Tamim bin Hamad al-Thani (L), Britain's King Charles III (R) followed by Britain's Queen Camilla (rear L) and Sheikha Jawaher bint Hamad bin Suhaim al-Thani (rear R) arrive for a State Banquet at Buckingham Palace in London on Dec. 3, 2024, on the first day of the Emir's two-day State Visit to Britain.

The British government said on Wednesday that it has agreed to a partnership with Qatar that will see the Gulf state invest 1 billion pounds ($1.3 billion) in climate technologies.

"The partnership is expected to create thousands of highly skilled jobs over its lifetime and will see the launch of world-leading climate technology hubs across the U.K. and Qatar to accelerate development in climate-friendly technologies," according to a statement issued during a state visit by Emir Tamim bin Hamad Al-Thani.

British industrial group Rolls-Royce, which manufactures aircraft engines, will receive investments for programs dedicated to energy efficiency, the statement said.

Qatar's investments in the British economy are estimated at more than 40 billion pounds and the emirate indicated in 2022 that it intends to invest another 10 billion pounds by 2027.

Qatar's emir was welcomed on Dec. 3 by King Charles III at the start of a state visit where he is to hold talks with Prime Minister Keir Starmer, who wants to negotiate trade deals with Gulf monarchies.

Britain has been seeking new trade pacts since leaving the European Union and in late 2021 began talks with the Gulf Cooperation Council (CCG), which groups Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Kuwait and Oman.

But a parliamentary committee last year said the British government should "not to compromise British values", particularly on human rights and the environment.

Britain has joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), signed trade pacts with Australia and New Zealand, and is in negotiations with India.