Investment opportunities put before Qatar forum

The Wolverhampton Canalside and City Interchange and the University of Wolverhampton's Springfield Campus were among major projects featured at the Qatar-UK Business & Investment Forum, held at the International Convention Centre in Birmingham, last week.

Prime Minister Theresa May, Qatari Prime Minister Sheikh Abdullah bin Nasser bin Khalifa Al Thani and the UK's International Trade Secretary Dr Liam Fox were among those who attended.

The Wolverhampton projects were among a series of Midlands Engine investment opportunities that were showcased.

A fresh investment of £5 billion in the UK over the next three to five years was revealed at the two-day event, the first of which was in London.

The Forum is expected to result in a number of new landmark agreements across the UK, including for the Midlands Engine.

Hundreds of high-profile business executives, council leaders and academics attended at the ICC.

Dr Fox said: “The Government’s Plan for Britain will help us trade beyond Europe and make Britain a leading advocate for free trade across the world, as we build on our relationships with old friends and new allies.

“Hosting this event in Birmingham ensures the whole country benefits including the Midlands Engine, creating jobs and supporting cities, towns and communities right across the UK."

Qatar is already the UK’s third largest export market in the Middle East and also accounts for £35 billion of existing investment in the UK.

Dr Fox said it was a welcome show of confidence in the UK and in the strength of the future relationship between the nations

"Both our nations are reaching out to embrace global opportunities, forging new partnerships abroad and working to rebalance our domestic economies, building a better nation for all our citizens.

"So there is no more fitting moment to renew the bonds of friendship and co-operation that link Qatar and the UK."

He said the Prime Minister had come to power in July with a commitment to build a truly Global Britain, firmly at the heart of global trade.

"The vote to leave the European Union has given this country a golden opportunity. For the first time in over 40 years, we will have an independent trade policy – the self-determination to forge closer trading links with old friends and new allies," he added.

Dr Fox said the priorities were exports, investment and trade policy.

"We will work to increase exports by offering financial and operational support to potential exporters.

"We will promote the UK abroad to attract foreign direct investment, showcasing all that this dynamic, innovative country has to offer to investors around the world.

"And we will deliver a policy programme that supports British businesses overseas and makes this country the champion of global free trade. Qatar is our partner in all of these goals."

He said Birmingham was at the heart of the Government’s Midlands Engine which, together with the Northern Powerhouse, is a vast scheme of investment and regeneration which will bring new economic life to some of the most diverse and dynamic regions of the United Kingdom.

"The development of these regions is already gathering pace. In 2015/16 the Midlands attracted hundreds of inward investment projects. My own department has a team dedicated to driving FDI in key sectors, including capital projects, right here in Birmingham.

"Already, this city is brimming with opportunities. The £1 billion redevelopment of Curzon Street Station will soon be underway, as will the £500 million Birmingham Smithfields regeneration scheme. Birmingham is attracting dozens of new development projects, that will transform the city over the next decade.

Following the forum, the Qatari delegation was taken ona tour of Birmingham’s major development sites.

Sir John Peace, chairman of the Midlands Engine said: “Today’s forum demonstrates why the Midlands is at the heart of a global Britain’s offer to the world. The investment-ready projects showcased have a value in the billions and will help the Midlands reach its untapped potential in growth. These projects are central to boosting productivity and I am confident that not only do they demonstrate to investors that they get a return on their investment, but that an investment in the Midlands, which will drive growth and allow our businesses to expand, is an investment in the UK.”

Vice-Chancellor of the University of Birmingham Professor Sir David Eastwood, who delivered a keynote speech on education, outlined the research and investment opportunities the university, which helped sponsor the Birmingham half of the forum, could deliver.

He said the university, which currently has 16 of the 5,500 Qatari students in the UK, was doing energy storage research that was of great interest to Qatar.

Professor Eastwood said: ““We are honoured to be taking part in the Qatar-UK Business and Investment Forum and hope that future research partnerships forged here in Birmingham will ultimately benefit communities in Qatar, Britain and around the globe.

“Our international leadership in Life Sciences covers medicine, biology, engineering, psychology and social sciences, whilst our expertise in low-carbon energy systems can help both Qatar and the UK tackle the many energy challenges that they share."

Councillor John Clancy, leader of Birmingham City Council, said the council had been the first from the UK to visit Qatar and the British Government was willing to back cities like Birmingham that wanted to go out and attract new trade.

He said the city was in the midst of regeneration and had a huge range of investment opportunities including the transformational Birmingham Smithfield scheme – one of the largest opportunities in Europe – which would be an important site in the evolution of the city.

In 2015 total UK exports to Qatar totalled £2.6 billion, with Qatar exports to UK at £2.7billion.

Exports from the Midlands Engine to Qatar rose 21.8 per cent to £221.8m between 2014 and 2015.

Strong links between Qatar and the Midlands already exist with the Qatari Al Rayan Bank having a strong presence in the region and Qatar Airways flying directly from its Doha hub to Birmingham Airport. In 2017, Alduwaliya Asset Management acquired One Eleven Edmund Street in a £22.5 million deal.