Emirate showing interest in taking a stake in major banks

qatar, the oil-rich Middle Eastern emirate, is open to buying stakes in part state-owned lenders RBS and Lloyds Banking Group and has discussed investing in the UK, its leader has said.

Asked if the Gulf Arab state would invest in RBS or Lloyds specifically, Sheikh Hamad bin Jassim bin Jabr al-Thani, the prime minister, replied: “We are very open to any investment in the UK and we have discussed some.”

The sheikh, who is also the chief executive of Qatar’s sovereign wealth fund, made the remarks during a press conference with Prime Minister David Cameron, who was on a visit to the region.

Hide Ad
Hide Ad

Qatar has stakes in companies including retailer Sainsbury’s, Barclays bank and Porsche through the fund.

The UK Government has a stake of around 83 per cent in RBS and 40 per cent in Lloyds, after it bailed out both banks during the credit crisis.

Meanwhile, Mr Cameron has called on business leaders across Yorkshire to forge greater trading links in the highly lucrative Middle East and Gulf regions.

The PM said he wants firms to use their skills, experience and innovation to capitalise on new and emerging markets and make further inroads in sectors where they are already active.

Hide Ad
Hide Ad

He said: “The UK has strong trading links with the Middle East and Gulf but we need to build on this.

“We want to be viewed by the region as the commercial partner of choice in the region.

“British companies are well placed to offer the quality, experience, innovation and skills to help deliver the Gulf region’s ambitious development and growth plans.”

UK Trade and Investment, the Government body, is supporting the rallying call with an event in Yorkshire offering insight and intelligence on 13 different markets to outline current and future export and inward investment opportunities. Partner ME takes place on Thursday, March 10 at the Mint Hotel in Leeds.

Hide Ad
Hide Ad

Delegates will have the chance to quiz UKTI experts on opportunities in countries ranging from Oman and Qatar through to Lebanon, Syria and Israel.

Mark Robson, UKTI regional director, said: “The Gulf and Middle East markets offer broadly similar opportunities linked to transport, infrastructure, energy and utilities, education, healthcare and the creative industries.

“Local businesses are ideally placed to provide support in these areas, and there are potentially lucrative contracts in the offing if they are able to do so.”

Gas giant Centrica yesterday announced a “ground-breaking” deal worth £2bn to supply 2.4m tonnes of liquefied natural gas from Qatar. The gas will supply 2.5 m households.