Qatar expected to increase investment in Spain by $4.9 billion in coming years
Emir Shekih Tamim bin Hamad Al-Thani made the announcement during a gala dinner hosted by Spain’s King Felipe VI at the Royal Palace in Madrid on Tuesday, according to the official EFE news agency. The dinner also attracted key business leaders, including some of Spain’s biggest energy companies.
The emir is on the verge of “signing agreements” when he meets with Spanish Prime Minister Pedro Sánchez at the Moncloa Palace, the seat of government, on Wednesday. The meeting takes place on the second day of his first state visit to Spain, with the two leaders also taking part in the first Spain-Qatar business forum.
Details of the investments have not been made public and do not specifically mention energy. But as Europe scrambles to find alternatives to Russian energy, Qatar has been asked to help fill the void with liquefied natural gas exports.
Spain leads Europe with six LNG processing plants in its ports. Beyond the ambition to diversify its own energy mix, Spain is striving to become an energy hub for Europe.
Spain is also launching a series of public investment projects using its share of EU pandemic recovery funds, in a bid to modernize its economy. With a strong focus on sustainability and digitalization, the projects are designed to encourage major private sector investment.