Qatar to invest more billions in Germany despite losses
Qatar investment in Germany has exceeded €25bn in a wide range of sectors, and the oil-gas rich nation says it will invest more in the Deutchland.
Qatar is a major investment partner by the Germans.
Saudi Arabia and its allies are fighting Qatar with sanctions for its alleged involvement in terrorism.
According to the German Handelsblatt newspaper, the Emir of Qatar Tamim bin Hamad Al Thani will make an announcement soon.
It will be during his upcoming meeting with German Chancellor Angela Merkel in Berlin on Friday.
“We are currently looking at several projects. Our commitment is good for the German and the Qatari economies,” the Qatari Finance Minister Ali Sharif Emadi told the publication.
The Minister said despite loses in some investment (Solarworld and Deutsche Bank), Germany remains a key player in the world economy. He says Qatar is looking at the German market with great optimism.
Nevertheless, the new investment will be in addition to the already whopping investment figure from the Qataris in Germany.
“Qatar’s investments in Germany exceed €25bn and includes vital projects in the automotive, information technology, and banking sectors.
“There is a common desire to promote and develop mutual investments,” a Qatar investment committee website said.
In recent years, trade relations between Qatar and Germany saw significant development. Both countries are seeking to expand areas of mutual cooperation.
This development reflects in the increasing number of German companies operating in the Qatari market, which now amounts to more than 300.
This volume of trade has amounted to approximately €1.9bn, making Germany one of Qatar’s most important trading partners.
However, Qatar considers Germany as a key partner in achieving Qatar’s vision towards a technology-based economy.
As part of its efforts to modernise the education sector, Qatar Science and Technology Park hired SAP.
The German software giant is to play a significant role in training and rehabilitating Qatari youth.
While supplying key equipment, the project also transferred German knowledge and technology to develop specific programmes and applications in Qatar.
Qatar has also become a significant partner for Germany in the Mena region.
Doha and Berlin have more than 60 years of commercial relations and 43 years of diplomatic relations.