Spain and Qatar strengthen economic ties with the ‘Next Generation’ in the background

Spain and Qatar narrow their economic and political relations with the visit of the emir Tamim bin Hamad Al Zani to Madrid. And this has been made clear in an economic forum, held this Wednesday at the CEOE headquarters, with the praise of the businessmen of the two countries towards their counterparts. The event was inaugurated by the President of the Government, Pedro Sanchezwhich he has described as “a great gesture of trust for the Spanish economy and companies” the 4,720 million euros in investments in Spain announced by the emir at the gala dinner the day before. In 2020, the investment stock was 2,679 million euros, according to ICEX.

“This visit will be a before and after in the economic and political relations between Qatar and Spain”, assured Sánchez, in front of the head of the CEOE, Antonio Garamendiand many other Spanish businessmen, such as Ignacio Sanchez Galanpresident of Iberdrola, a company whose largest shareholder is the Qatari sovereign wealth fund QIA; the vice-president of the Antolín group, Maria Helena Antolinor the president of Navantia, Ricardo Dominguez.

In the absence of knowing the investment destination that promises Doha and the temporary period in which that money will be used, Executive sources indicate that this rain of millions will be linked to strategic projects (PERTE) born of the european fundswhose central axes are the ecological and digital transformation. And Garamendi has confirmed that energy will be one of the sectors to which that almost “billion pesetas” will go, not in vain Qatar is one of the main investors in this sector in Spain, as well as in the rest of the world. financial.

“This visit gives us the opportunity to strengthen the Spanish economy through the european funds of recovery & rdquor ;, added the Qatari businessman Sheikh Khalid bin Thani Al Thanicounselor at Prisa, and co-chair together with Ignacio Sánchez Galán of the Qatar–Spain Business Committeean alliance created in 2021 to promote the “dialogue & rdquor; between companies in the field of “culture, art, economy or industry& rdquor ;, as indicated by the Qatari.

During the day they have signed several collaboration agreements in the areas of economy, trade, education, military and judicial cooperation, health, science and innovation. Among them, a memorandum of understanding (MoU) between the Qatari sovereign wealth fund QIA and Cofides to “identify investment opportunities aligned with the Spanish recovery plan”, as well as an agreement between Iberdrola and the Qatar Investment Promotion Agency (IPA Qatar) to “advance the digitization of Qatar’s electricity sector. In addition, the Minister of Industry, Commerce and Tourism, Reyes Maroto, has announced that the Intergovernmental Joint Commission will be relaunched and a session will be held before the end of the year.

Qatar’s 2030 vision

In the opposite direction, Qatar has highlighted its new roadmap Qatar National Vision 2030, with a greater commitment to innovation and sustainable growth. “Qatar is a country that is opening up to the world and Spain can and wants to participate & rdquor ;, said the president Pedro Sanchez, with the aim of contributing to the development of the country in essential sectors in which it already has a presence through companies such as Acciona or Aguas de Valencia. Sánchez has even underlined the opportunity that next year’s World Cup represents, in which Spanish companies can participate in the construction of infrastructures.

The chairman of Iberdrola has also defended, as one of the Doha Delegation, the “profound” transformation that Emir Tamim bin Hamad Al Zani is carrying out and that has turned the country into “model of stability and legal certainty“, according to his words. Galán has assured that this was an “especially important” day for him, having the opportunity to “strengthen ties” with a country to which he has “a personal relationship for two decades” and with which shares “the same understanding of the great global challenges”. For his part, the Minister of Commerce and Industry of Qatar, Sheikh Mohammed bin Hamad bin Qassim Al-Abdullah Al-Thanihas indicated that Qatar has developed a “advantageous legislation to be access door to imports and exports” to Africa and has defended promoting the two-way trade between both countries whose value last year was 990 million.

In the case of Spanish exports to Qatar, these had a value of 349 million euros, highly diversified in machinery and mechanical devices and clothing, with the presence of Inditex, Mango and Cortefielmechanical products, electrical appliances and foundry and steel manufactures, as explained by the Minister of Industry, Commerce and Tourism, Kings Marotowho has recognized that in the tourism field “There are also many opportunities to promote international cooperation & rdquor ;. While imports are mainly focused on fuels, with a special focus on liquefied natural gas (LNG), with a total value of 641 million euros.

Gas supplier to Europe

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Qatar is one of the main producers and exporters of liquefied natural gas (LNG) to Europe, and in dire need of diversify supply by the European Union to stop depending on Russia, could play a key role; although the Arab country is full expansion process of its production capacity. It currently has a capacity of 77 million tons of gas, which plans to increase it to 126 million tons in 2027, with the help of a Spanish company, Gathered techniqueswhich is part of that expansion megaproject, known as North Field, through a contract to expand the existing infrastructure.

The Vice President of Técnicas Reunidas, Manuel Alabart, acknowledges that Qatar is in a position of “privilege & rdquor; in the current situation to “satisfy Europe’s gas needs”, but adds that it will not be in the short term. “It is possible that (Qatar) need time due to commitments to asian customers. It is clear that a greater supply to Europe cannot be something immediate, but it is very possible that it will increase its gas exports in the coming years”, he indicated.

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