Qatar to invest an extra €4.75 billion in Spain


Qatar on Wednesday mentioned it plans to speculate a further $5 billion (€4.75 billion) in Spain on the second day of a state go to by its emir, Sheikh Tamim bin Hamad Al-Thani.

Published: 18 May 2022 16:12 CEST

Emir of Qatar Tamim bin Hamad Al Thani (L) laughs throughout throughout a gathering with Spain’s Prime Minister Pedro Sánchez at La Moncloa Palace in Madrid, on May 18, 2022. (Photo by GABRIEL BOUYS / AFP)

“The volume of investments agreed upon with the Spanish side amounts to $5 billion in various sectors,” mentioned Qatari Foreign Minister Mohammed bin Abdulrahman Al-Thani in a press release tweeted by his ministry.

Neither aspect gave a timetable for the funding, which quantities to some €4.75 billion, nor did they are saying which sectors would profit.

“Qatar will invest close to five billion euros in our country in the coming years,” Prime Minister Pedro Sánchez mentioned throughout a enterprise assembly with the Qatari delegation.

“It is a gesture of confidence in the Spanish economy and Spanish businesses which will strengthen bilateral ties,” he mentioned forward of afternoon talks with the emir.

Before the pandemic, Qatari funding in Spain stood at €2.67 billion ($2.8 billion), the Spanish authorities mentioned, making it the nation’s twenty fourth greatest investor.

To date, Qatari funding has been notably invested in a number of sectors: civil aviation, building, power and communications.

According to a Spanish authorities supply, the 2 sides will on Wednesday signal round a dozen business contracts, notably regarding power as Madrid seeks to diversify its gasoline provides following Russia’s invasion of Ukraine.

Qatar, one of many world’s three greatest exporters of liquified pure gasoline (LNG), is presently Spain’s fifth-largest provider after the United States, Algeria, Nigeria and Egypt.

The nation accounted for 4.4 p.c of Spain’s complete gasoline imports in April and the Spanish authorities hopes to extend this share.

European states are more and more seeking to different sources of pure gasoline as they attempt to wean themselves off dependence on Russia, with LNG simply shipped by boat from nations corresponding to Qatar and the United States.

After Madrid, the Qatari chief will proceed his tour of Europe, visiting Germany, Britain, Slovenia and Switzerland, the place he’ll attend the World Economic Forum within the mountain resort of Davos which runs from May 22-26.

Qatar will host the World Cup later this yr.

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