Qatar urged to invest more in UK infrastructure

UK urges Qatar to invest more heavily in Britain's infrastructure

NEWS, Business, Infrastructure, Investment, Overseas

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British Prime Minister David Cameron, was reported urging Sheikh Tamim bin Hamad Al Thani to invest more heavily in infrastructure projects within Britain, during an official visit by the Gulf state’s emir to the UK.

In a statement released by his office, Cameron asked the Emir to consider further funding in an effort to connect and develop Britain’s northern cities to London, via a high speed rail line.

Qatar is one of the world's richest countries and is already heavily invested in British firms and property with high profile investments that include: 95% of the Shard, owned by Qatar’s sovereign wealth fund; 100% of Harrods is owned by Qatar Investment Authority, as is Barclays, at 6.67%. Britain’s Olympic Village and Chelsea Barracks is owned by Qatari Diar; 26% of Sainsbury’s is owned by Qatar; One Hyde Park is a joint venture between Qatari Prime Minister and Candy Brothers; Camden Market has 20% owned by Qatar and the State of Qatar has a 20% stake in the London Stock Exchange.

“The Prime Minister ... encouraged the Emir to consider more opportunities across the country, particularly the government's plan to establish a Northern Powerhouse by connecting our great Northern cities and the development of high speed rail,” the statement said.

Earlier this week the British government said it was backing the development of a fast rail link between the English cities of Leeds and Manchester, in addition to an existing £43bn ($68.88bn) plan to develop high speed links to London.

During the state visit, the two countries signed an agreement setting out a framework for further talks on issues such as defence, energy and trade.

 

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