The Lord Mayor of London, Alastair King, hailed the new UK-Qatar Memorandum of Understanding (MoU) on financial services while hosting the Emir of Qatar, His Highness Sheikh Tamim bin Hamad Al Thani, at a Mansion House business dinner.

In a keynote speech, the Lord Mayor reflected on the critical importance of the bilateral relationship between the UK and Qatar in areas such as trade, investment, and innovation. The MoU signed yesterday (04 December) by the UK Chancellor and the Qatari Finance Minister, which the Lord Mayor was present for, will promote further cooperation in financial services, with a focus on the development of sectors such as fintech and green finance.

The Lord Mayor also hailed Qatar's transformative investments in the UK, which total over £40 billion, with plans for an additional £10 billion under the Strategic Investment Partnership. These contributions have reshaped London's skyline, revitalised urban centres through key regeneration projects in areas like Glasgow and Salford, and supported key sectors such as infrastructure and green energy.

More than 150 guests attended the Business Dinner, including His Royal Highness The Duke of Gloucester, several senior political figures, and business leaders from the financial and professional services sector in both the UK and Qatar.

Lord Mayor of London, Alastair King will said:

“Qatar and the United Kingdom have strong diplomatic, military and economic ties which are underpinned by the Qatar-UK Strategic Dialogue, the Joint Economic and Trade Committee…and now the memorandum of understanding, signed this morning, which will promote further cooperation in financial services: particularly in sectors such as fintech and green finance.

“The Gulf Cooperation Council - of which Qatar is a key member - is the United Kingdom’s third-largest trading partner outside of the European Union. The free trade agreement we are negotiating could boost our £57 billion trading relationship by 16 per cent.

“We both want to see a well-functioning, stable, open and transparent energy market.

“Indeed, the landmark UK-Qatar climate technology partnership will see Qatar invest £1 billion in climate technology: a deal that includes investment in technology programs operated by Rolls-Royce, as well as start-ups in the UK and Qatar focused on energy efficiency, carbon management and green power. 

“Like London, Doha is building its reputation as a hub for financial services, culture, sports and entertainment.

“London and the United Kingdom’s expertise in fintech, green finance and insurance make it a natural partner for Gulf states like Qatar as they seek to diversify their economies and drive sustainable development. And the London Stock Exchange, which is also the leading international sukuk financier, continues to be the preferred destination for Gulf companies looking to access international capital.

“My mayoral theme, ‘Growth Unleashed’, is focused on unlocking new investment and growth for the UK.

“Over the course of the year, I’ll be encouraging British businesses to be bolder to take the risks necessary for growth...to jump on planes to high growth markets like Qatar... and to be the early adopters of new technologies that will give them a competitive edge.

“To borrow a metaphor from the sporting world, I see my role as being cheerleader-in-chief for the United Kingdom’s entire financial and professional services sector.

“Shouting about the sector’s many, many strengths to key trade and investment partners, like Qatar and, at the same time, motivating the home team to be the best that they can be.”

ENDS

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk.