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MENAFN - The Peninsula - 17/06/2013

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(MENAFN - The Peninsula) The value of Qatari exports to the UK has declined by 23 percent from QR27.45bn (4.8bn) in 2011 to QR21.16bn (3.7bn) in 2012, statistics provided by the British Embassy in Qatar said.

Where as, the value of UK goods exports to Qatar rose from QR2.07bn (363m) in 2005 to QR7.5bn (1.3bn) in 2012, up 16 percent compared to QR6.52bn (1.14bn) in 2011.

Notably, Qatar's investments (government funded) in the UK has reached to QR125bn (22bn), according to the figures provided by the embassy.

With the given trade figures, Qatar has become the UK's third largest export market in the Gulf after the UAE and Saudi Arabia.

In 2011, the UK exported services to the value of QR3.25bn (569m) (latest figures available), an increase of 10.7 percent on 2010. The UK imported services from Qatar to the value of QR617m (108m) in 2011. In 2011 combined value of UK's exports (goods and services) to Qatar were worth QR9.72bn (1.7bn).

Some of the major UK's investments in Qatar include Shell, the Anglo-Dutch oil giant, which is the largest foreign investor in Qatar, followed by Vodafone.

In addition, UK businesses have a significant presence in the financial, business and legal services sector such as Barclays, Clyde & Co, Ernst & Young, Eversheds, HSBC, KPMG, PwC, RBS, Coutts, SNR Denton, Simmons & Simmons and Standard Chartered.

In the field of science and technology, Qatar Science & Technology Park (QSTP) has a number of important collaborations with UK companies and institutions such as Imperial College London, Williams F1, Sheffield University, Virgin Health Bank, Rolls Royce and Shell.

In education sector, visibilities of British academic institutes are growing very rapidly. Sherborne School opened its doors in September 2009 as part of Qatar's Outstanding Schools Initiative. University College of London has a campus in Education City, the first British university to do so.

Among other important UK investors in Qatar include major companies in security, construction, education, retail, energy and transport infrastructure.

Qatar has invested about QR125bn (22bn) in the UK that include stakes in Sainsbury, BAA, London Stock Exchange, Barclays, the US Embassy building in Grosvenor Square and the Shard of Glass development in the City of London. There are also plans for a further 10-15bn (QR57bn-QR85bn) worth of investment.

In 2011 Qatar invested in the Olympic Park (purchasing the Athletes Village) and the Shell Centre in London. Qatari Diar, the real estate arm of the Qatar Investment Authority, opened a London office in 2010.

Among the recently singed agreements Qatar-UK Memorandum of Understanding for Cooperation between the Public Prosecution of the State of Qatar and the Government of the United Kingdom is very important. The MoU was signed in December 2012.

Both the countries also signed a Double Taxation Agreement in June 2009 which came into force on January 1, 2011.

 






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