HE the Prime Minister and Minister of Interior of Qatar, Sheikh Abdullah bin Nasser bin Khalifa al-Thani, in his address to the Qatar-UK Business & Investment Forum in London, gave a vote of confidence to the UK.
“We have great confidence in the UK, which will be seen in our investments over the next decade, he said.
Britain’s Secretary of State for International Trade Liam Fox said the UK was committed to trading with Qatar.
“We will be doubling the finance available from the UK export finance to support trade with Qatar to £4.5bn. That will be an additional £2.25bn in support for UK companies exporting to Qatar and for the Qatari buyers in both the public and private sectors. In addition, UK export finance will now be available in Qatari Riyal, allowing buyers in Qatar to access finance in their own currency.
“We want to increase our exports to Qatar. Only 11% of British businesses sell either goods or services outside of the UK. Only 27% of our GDP is accounted for by exporting, which apart from Greece, is the lowest among EU countries. We need to get a better export performance.” He advised investors to look beyond London. “Looking ahead, the greatest investment opportunities in the UK will lie outside of the capital.”
HE the Finance Minister of Qatar, Ali Sherif al-Emadi, noted: “We have over £30bn invested here in the UK. It’s a leading destination for our students, for healthcare and for Qatar Airways. We appreciate the companies from the UK into Qatar, especially those companies who have been operating for over five decades.”
“The UK is in the top ten of our trading partners. I don’t see why you can’t be in the top five or even the top three. The willingness is there from a political and investment standpoint.”
Sheikh Abdullah bin Mohamed bin Saud al-Thani, CEO of Qatar Investment Authority, said: “Our investment focus now is on infrastructure, healthcare and IT. Soon we will also be opening an office in the Silicon Valley, San Francisco.”
Yousef Mohamed al-Jaida, CEO, Qatar Financial Centre, said both 100% ownership and JVs were available to foreign companies operating in Qatar.
“For companies setting up in Qatar, a 100% foreign ownership is in itself an incentive. A best-in-class legal and judicial environment facilitates businesses to set up easily. At QFC, we have also improved our incorporation process, allowing companies to set up within 48 hours, depending on the nature of their activity.
“Regarding tax, if a company is established within the financial centre and the activities are mostly regional or global, then you are pretty much exempt from taxes, which has not been formally announced yet.”
Xavier Rolet, chief executive, London Stock Exchange Group, paid tribute to Qatar. “The QIA has been our most loyal and exemplary shareholder over the decades.
“The UK is home to 5.4mn SMEs, out of a total of 23mn in the entire EU. If we can match Qatar’s ability to bridge the fastest-growing economies in Asia and Africa with the UK’s expertise in nurturing and scaling up SMEs, that could be a basis for an even greater win for both the countries.”
Ali Ahmed al-Kuwari, CEO, Qatar National Bank, observed: “Despite the slowdown in commodity prices, Qatar is still spending strongly both internally and externally. Qatar’s banking sector has been doing very well in terms of profitability and growth. Assets have been growing by 12.7% per annum over the past five years.”
“Over the past five years most international banks have retreated more into their domestic markets because of the financial crisis and because of regulatory issues. In contrast, the Qatari banks have invested between $6-7bn in new acquisitions, expanding our footprint outside of Qatar.”
Abdullah Ahmad al-Shaibei, CEO and board member of QIIB, spoke about the Islamic finance sector. “Islamic finance is a huge market; it cannot be provided from one centre. We can have a hub in London and Qatar and elsewhere. London has contributed a lot towards the Islamic finance industry, especially with the government sukuk. I expect to see more from London in the field of Islamic insurance.”
HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohamed al-Thani, said: “There are 80 wholly-owned UK subsidiaries working in Qatar and there are more than 670 joint venture companies across many sectors. These numbers could be improved substantially with support from both the government and business organisations.”
Akbar al-Baker, Group Chief Executive, Qatar Airways, observed: “I received a message from Rolls-Royce saying we at Qatar Airways had played a leading role in making them provide the product in a more perfect manner. So, I think we are making waves and I am sure both Airbus and Boeing will supply our orders on time for us to cater for our expansion, in preparation for the World Cup 2022.”
Hassan Abdullah al-Thawadi, secretary-general, Supreme Committee for Delivery and Legacy, highlighted the special nature of the Qatar 2022 World Cup. “2022 will be the first-ever ‘compact’ World Cup; Players won’t have the hassle of travelling from one city to another, the event will be easier to manage. This will all be made possible through our efficient infrastructure.”
CEO of Qatar Financial Centre Yousef Mohamed al-Jaida speaking at the Qatar-UK Business and Investment Forum in London. Right: CEO of Qatar Development Bank Abdel Aziz al-Nasser al-Khalifa speaking at the Qatar-UK Business and Investment Forum in London.
