The State of Qatar and the Kingdom of Spain have strong relations that extend back decades, which have developed into a solid strategic partnership between the two countries in various fields.
In this context, Sheikh Mohammed bin Abdulrahman Al Thani, Deputy Prime Minister and Minister of Foreign Affairs of Qatar, praised the relations between the State of Qatar and Spain, stressing that there is close cooperation between the two countries, especially in the field of investment and economic cooperation.
During a joint press conference held on September 14, 2021, with Jose Manuel Alparis Bueno, Minister of Foreign Affairs, the European Union and Cooperation of the Kingdom of Spain, he indicated that Spain is one of the important partners for the State of Qatar in the investment and trade field, stressing his agreement with the Spanish Minister of Foreign Affairs on strengthen this partnership.
For his part, Bueno expressed his country's pride in the multi-dimensional relations with the State of Qatar, noting that it is one of the best investors in Spain, noting bilateral cooperation in various fields, especially in trade, sports and culture.
The Spanish minister added that there is a possibility to achieve a lot in this partnership and to strengthen it, within the framework of the economic recovery plan in Spain and the trend towards an innovative and sustainable digital economy, as Qatari investments have a role in this economy.
And according to what the Qatari ambassador to Madrid, Abdullah bin Ibrahim Al-Hamar, said last February, the volume of Qatari investments in Spain amounted to 21 billion euros (25 billion dollars), indicating that these investments are distinguished by their diversity, as they included sectors such as energy, sports and real estate investment, Noting that the Qatar Investment Authority is the second largest shareholder in the Spanish Stock Exchange.
Partnership prospects
Qatar and Spain have gathered broad prospects of cooperation for many years, in various economic and commercial fields, within different sectors between the two sides, such as diversified trade, real estate, investments, and others.
The economist, Dr. Abdullah Al-Khater, shows that there are close relations between the State of Qatar and Spain, which include investments and clean energy, in addition to the intertwining in the hospitality sector and airlines.
In an interview with Al-Khaleej Online, Al-Khater stresses the continuous cooperation in the political relations between the two countries, pointing out that there is an effort to explore opportunities for investment and cooperation in various fields.
In mid-September, the Qatari Businessmen Association held a meeting with Spanish Foreign Minister Jose Manuel Alparis, in the presence of the Spanish Ambassador to Doha, Pelin Alfaro, and they discussed ways to strengthen the strategic partnership between the two countries in various economic fields and discuss the most prominent investment opportunities.
Trade and investment
The trade and investment sector is of great importance in the relations of the two countries, and the Spanish ambassador to Doha praised the depth and development of Qatari-Spanish relations, stressing that Qatar is a strategic partner for her country in light of a political dialogue at the highest level of leadership in the two friendly countries and diverse and developed cooperation relations in many fields.
On Monday, October 11, 2021, the Qatari newspaper Al-Raya quoted the ambassador as saying that 2022 will be an excellent year for Qatari-Spanish relations, expressing her aspiration to implement a number of agreements with tangible projects in the next stage, stressing the strength of the economic partnership between the two countries.
She pointed out that Qatar is the second largest shareholder in the Spanish stock market, as well as the launch of the Qatari-Spanish Joint Business Council as an important step to strengthen trade and investment relations, noting that Qatari investments are in the most famous companies in Spain such as hotels, real estate, hospitality and others.
And it showed that the volume of bilateral trade between the two countries amounted to about 1.3 billion euros in 2019, but it decreased in 2020 by about 43% due to the Corona virus, but once the economic recovery appears, bilateral trade will maintain its traditional upward trend.
On the other hand, the ambassador stressed that her country owns leading companies in industries related to Qatar National Vision 2030, expecting more operations in the Qatari market by Spanish companies in the fields of renewable energy, sustainable tourism and other priority sectors in this strategy, and there are already several initiatives to bring joint cooperation closer in the future.
The ambassador considered that awarding part of the North Field expansion project to Tecnicas Reunidas is a recognition of the Spanish technical expertise in construction projects in the oil and gas sector, and the Qatar World Cup 2022 projects. Qatar is a reliable partner to continue working together to meet the challenges of the future ahead.
Businessmen Association
With the aim of enhancing prospects for strategic cooperation between Qatar and Spain, the Qatari Businessmen Association signed with the Spanish Businessmen Federation, in January 2021, a memorandum of understanding to launch the Qatari-Spanish Joint Business Council with the aim of expanding economic, technical and scientific cooperation, exchanging information and creating a healthy business environment aimed at promoting the development of commercial and industrial activities. in both countries.
Sheikh Faisal bin Qassim Al Thani, President of the Qatari Businessmen Association, said: "We highly value our economic partners around the world, and we view the Spanish market as a market full of economic opportunities in various sectors," calling on Spanish investors to take advantage of the "promising opportunities and favorable environment provided by the Qatari economy, Especially with the presence of free zones in Qatar, and to see more Spanish companies coming to the Qatari market, hoping to work together to develop our partnerships and explore joint investment opportunities, whether in Qatar, Spain or any other destination around the world.”
He considered that the establishment of the Qatari-Spanish Joint Business Council, which includes elite businessmen in the two countries, opens a new page in the history of economic relations, and seeks to encourage trade and investment exchange in various fields and production and service sectors, and will work to provide a mechanism for joint cooperation.
real estate market
In the Spanish real estate sector, Qatar had a clear investment footprint, and a report published by the Spanish newspaper "El Pais" revealed that the Qatar Investment Authority is the largest investor in the "Colonial" group in the real estate field, which is among the largest European companies operating in this sector.
According to what was reported by the Qatari newspaper, “Al-Sharq”, on June 12, 2021, the report stated that the Qatar Sovereign Fund’s share in the group, which is headquartered in Barcelona, amounted to 20%. Colonial, and Santodo Minego, whose shares in the Spanish group are estimated at 6%.
The report said that Qatar's sovereign fund played a major role in increasing the size of Colonial's investment portfolio during the last stage, by helping it complete many deals in various countries of the old continent.
He added, "The Qatar Investment Authority is among the main pillars that the Spanish Colonial Group seeks to build on in the next stage, in order to conclude more deals."
The report stressed that the partnership that brings together the Qatar Investment Authority with "Colonial" is among the main factors that push the Spanish group to search for more deals, and to penetrate a larger number of European markets.
The report attributed the credit to the great financial support received by "Colonial" from the Qatari side, which is always looking to expand its presence in the old continent through its direct investments, or through its other arms in which it has significant stakes, such as the "Colonial" group.
He pointed to the great experience of the Qatar Sovereign Fund in terms of selecting entities capable of achieving its future plans, on the level of all continents; This prompted him to contribute to the Spanish Colonial Group, which owns many properties in Europe, particularly in the tourist city of Barcelona.
He considered that Qatar's contribution to Colonial "raises the prospects for the success of the investment process at its level and doubles the size of the Qatari benefits, and is in line with the country's future vision, which seeks to enhance sources of income and reduce dependence on liquefied natural gas exports."
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