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POST TIME: 8 September, 2018 00:00 00 AM
Qatar emir plans 10b euros of investment in Germany

Qatar emir plans 10b euros of investment in Germany

Qatar’s emir Sheikh Tamim bin Hamad Al-Thani said in Berlin yesterday his country would invest some 10 billion euros ($11.6 billion) in Germany, as he battles a policy of isolation by neighbouring states.

“We are announcing Qatar’s desire to invest 10 billion euros in the German economy over the coming five years,” the Gulf state leader said as he opened a German-Qatari business forum alongside Chancellor Angela Merkel.

Qatar plans to invest in the car, high-tech and banking sectors—three traditional strengths of the German economy.

Business daily Handelsblatt reported that Doha is especially interested in Germany’s dense network of small- and medium-sized firms known as the “Mittelstand”.

In recent years its German investments in larger industrial or financial firms have often soured, including in the country’s troubled largest lender Deutsche Bank.

For more than a year, the United Arab Emirates, Saudi Arabia, Bahrain and Egypt have cut off ties with Qatar, accusing it of supporting “terrorist” movements, cosying up to Iran and undermining stability in the region.