Royal Court of Saudi Arabia/ Getty Images
Qatar will invest $1.3bn (GBP1bn) in climate technology in the UK, with engineering company Rolls-Royce set to benefit from some of the cash to support its energy transition, the British government said on Wednesday.
The announcement was made during a two-day state visit to Britain by Qatar’s emir, Sheikh Tamim bin Hamad Al Thani, who is expected to meet Prime Minister Keir Starmer on Wednesday.
Britain is seeking deeper ties with the wealthy Gulf state, and Prime Minister Starmer hopes to use the visit to secure “tangible benefits” for the country in terms of security and the economy, his spokesperson said.
The investment is expected to create thousands of jobs and launch climate technology hubs in both countries, accelerating the development of climate-friendly technologies.
This includes investment in Rolls-Royce’s technology programmes that improve energy efficiency, support new sustainable fuels, and lower carbon emissions, as well as in startups that focus on energy efficiency, carbon management, and green power.
“Enabling the energy transition through lower carbon technologies is a key part of our strategy,” Rolls-Royce CEO Tufan Erginbilgic said in a statement.
“We are delighted to welcome Qatar as a strategic partner that will support the growth of these technologies.”
Starmer was elected in July on a promise to boost economic growth. He is seeking wealthy investors, such as Qatar, to help fund his plans for new infrastructure and energy development.
Qatar is already a major investor in Britain through the Qatar Investment Authority, which owns the Canary Wharf business and entertainment district in East London, the Shard skyscraper in central London, and stakes in Barclays and Heathrow Airport, among other things.
