Lord Mayor of the City of London, Alderman Charles Bowman, during an exclusive interview with The Peninsula, at W Hotel. Pic: Baher Amin/The Peninsula
DOHA: Qatar’s investment in the UK has surged to about QR180bn (£38bn), which is expected to cross over Q200bn very soon as the country has reaffirmed its commitment to complete the £5bn worth of investment Qatar pledged to make, said the Lord Mayor of the City of London.
The trade and investment relations and economic cooperation between Qatar and the UK is set to reach new highs in the coming years as both sides have agreed to host a ‘Qatar Day’ event in London early January next year. At the upcoming event both sides will be showcasing the opportunities of investments and cooperation in the two economies.
The visiting Charles Bowman, the 690th The Lord Mayor of the City of London, and his accompanying trade delegation held meetings with top government and private officials, including Deputy Amir H H Sheikh Abdullah bin Hamad Al Thani, Minister of Finance H E Ali Shareef Al Emadi, Qatar Central Bank (QCB) Governor H E Sheikh Abdullah bin Saoud Al Thani, and leading bankers and top executives of private entities.
During the meetings both sides expressed their commitments to further reinforce the strong historical relationship that exist between the UK and Qatar and to continue to enhance relations with the City of London, especially in the field of financial technology (Fintech) and other professional services.
“Qatar has been a very significant investor in the UK for many years with the combined value of investment of up to £35bn. And I learnt today further that nearly 70 percent of the £5bn worth of investment committed last year has already been made. So we are really pleased with that sense of commitment and confidence in the UK’s economy,” The Lord Mayor told The Peninsula in an exclusive interview.
The Lord Mayor of the City of London, which is home to London Central Business District that houses more international banks than any other international financial centre in the world, added: “Qatar and the UK has been working very closely to deepen and strengthen engagements, especially in the Fintech and other professional services.”
Alderman Bowman, a senior partner with PwC, has serviced in the Council of the Institute of Chartered Accountants England & Wales, and was also a former Chairman of their Audit and Assurance Faculty. He currently acts as a key spokesperson and principal ambassador of the UK’s financial and professional services sector which contributes nearly 12 percent of the country’s GDP and employs about 2.3 million people.
He extensively travels across all the leading and emerging financial hubs across all continents to expand cooperation among parties. He was here as part of efforts to achieve several objectives, which include providing assurance that the UK’s financial and professional services will remain pre-eminent long into future well beyond the Brexit.
He also held a meeting with top executives of Qatar Financial Centre (QFC) Authority to build and advance ties in line with Qatar National Vision 2030 which aspires to diversify the local economy and transform Qatar into a knowledge-based society.
Bowman, who is also acting as Lead Partner and Global Relationship Partner for a number of PwC’s key clients, said that his visit aimed at harnessing, leveraging and developing bilateral trade and investment opportunities; cooperation in innovative financial and professional services.
“I advocate for London as a global leader in Fintech, cyber-security, green and Islamic finance. We have significant knowledge which we can bring here for mutual benefits. In addition, providing my own business, as mayoral theme, focuses on enhancing and reassuring the ‘Business of Trust’ as part of the programme, which include putting financial and professional services on stronger footing,” he noted.
He also noted that the 2008 global financial crisis was catalytic moment for seismic change in relationship between business and society. “Much of the trust was lost, and I am keen to demonstrate that London investment is being the trusted cluster of choice”.
Asked about the advantages of investing in the UK, especially at the post-Brexit scenario, he pointed out that London has always been an attractive destination for FDI given it being the outspoken advocate of free-trade and investment.
“Event after Brexit, the fundamentals of the London remain very strong due to creative energy underpinned, which include rule of law, history, culture, diversity, education, taxation, regulation, innovation, infrastructure, time-zone, language, security, and great place to live and work… And we are not complacent, but investing to further advance this all so that London continues to remain attractive and resilient as the leading international financial hub,” Bowman said.
