Qatar and Spain have agreed to set up a joint fund of about QR850m (€200m) to invest in Latin America countries, Ambassador of Spain to Doha, Ignacio Escobar, told The Peninsula on the sidelines of an event.
The ambassador noted that due to the common culture, language, years of experience in doing business in Latin America, know-how, and many other factors, Spain is the natural gateway to the region.
“Qatar’s Deputy Prime Minister and Minister of Foreign Affairs HE Sheikh Mohammed bin Abdulrahman Al Thani, and some top executives of Qatari companies visited Spain just a couple of weeks ago and delivered a message that Qatar is willing to increase its investment in Spain,” added Escobar.
“In the next few weeks, we are expecting to finalize an agreement between QIA (Qatar Investment Authority) and a Spanish official entity to set up a common fund of €200m (over QR850m) to invest in Spain as well as some Latin American countries.”
On Qatar’s investment in Spain, the ambassador said that it is stable and growing steadily. Qatar has invested in many blue-chip companies in several sectors, including real estate, hospitality, banking, and energy companies, such as Iberdrola, one of the leading multinational energy groups in the world. However, the exact number was not readily available with the envoy.
Asked about energy cooperation, he said that Qatar has become one of the leading gas import destination for Spanish companies. During the peak season Qatar was the third largest gas exporter to the European nation.
“It is likely that we will be increasing the volume of gas imports from Qatar as we have good gas receiving terminals. It may happen within this year as more Spanish companies are buying gas for consumption and resale,” added the envoy.
“We have a strong and historic relationship with Qatar. As a matter of fact Qatar’s first LNG shipment to Europe went to Spain, and a lot of small companies are also buying gas at spot market, so we expect the volume to rise in the near future.”
The Peninsula
26/09/2018
