Qatar to invest $12.5B in UK's key sectors

By Gokhan Ergocun

ISTANBUL (AA) - As part of a new agreement between the UK and Qatar, the Gulf country will invest £10 billion ($12.5 billion) in vital British sectors during the next five years.

Qatar will make investments in fintech, zero-emission vehicles, life sciences, and cyber security sectors, according to a British government statement on Tuesday.

The Strategic Investment Partnership agreement will create "high-quality jobs in new industries across the country," the statement read.

British Prime Minister Boris Johnson said the investment decision showed Qatar's confidence in the UK's businesses.

"Qatar is a valued partner for the UK, supported by Sheikh Tamim bin Hamad’s leadership," he added.

While the two countries' bilateral trade was around $6 billion last year, Qatar's investments in the UK reached $50 billion so far, the statement noted.

As part of the agreement, the two countries will also cooperate in different areas such as sports, trade, energy, security, defense, foreign policy, and media.