Qatar's Share in Spain LNG Market to Grow Further: Envoy

Qatar's share in Spain's liquefied natural gas (LNG) market is expected to grow from the present 12% and Doha could use Madrid as hub for its investments in the wider Europe, the Mediterranean and Latin America, according to Spain's envoy to Qatar.

"Qatar is also consolidating its position as fourth supplier of LNG to Spain, with 12% of the total share, a figure that is likely to further increase," the Spanish ambassador Javier Carbajosa said in his address at Spain's national day celebrations.

During 2021, bilateral trade rose by 34% to €1 billion. During the first seven months of 2022 bilateral trade rose 31%, driven by the increasing demand of Qatari products from Spain, he said.

Qatari reforms to the legislation concerning immigration and labor rights, liberalization of foreign investments, creation of free zones, the increase of flight frequencies and the opening of new routes to Spain are contributing to the intensification of the bilateral ties, according to him.

In the area of direct investments, he said Qatar's capital investment stock has registered steady growth in the last years, and the Qatar Investment Authority has made important investments in Spain on top of the US$5 billion they announced earlier this year during the state visit.

The QIA holds stakes in Iberdrola, with an 8.69% share of its equity, or in the aviation holding IAG, where it owns up to 25.1% of its equity through Qatar Airways.

The equity holdings are in Colonial, Marina Port in Tarragona, W Hotel in Barcelona, Intercontinental Hotel in Madrid or even a small share of the Banco Santander in Brazil.

"Spain is an attractive destination for investments, since it is the natural gateway to Europe, the Mediterranean and Latin America," he said.

The envoy highlighted that Spain is the first European investor in Latin America and the second in the world after the US.

"These ties to the Latino world offer to Qatar a trustable partner to open the door for new markets investment," he said.

Highlighting that Qatar and Spain share a passion for sports, especially for football, he said to this end, both the countries have signed in 2021 a memorandum of understanding on youth and sports that will enable enhanced co-operation in this field.

Many Spanish companies have been contributing to the development of the infrastructure projects designed to service the World Cup, such as the metro, airport and roads. The Education City Stadium and the 974 Ras Abu Aboud Stadium, two of the eight 2022 Qatar World Cup stadia, have been designed by the Spanish architecture firm Fenwick Iribarren Architects. Moreover, the Qatar national team has chosen Marbella, Spain, to gear up for the FIFA World Cup.

About tourism, Carbajosa said, Spain is the second destination of international as witnessed by the strong enthusiasm from Qatari tourists.

Highlighting that more than 32,000 Qataris visited Spain last year; he said "Spain remains as an attractive destination for luxury shopping, natural parks and wonderful beaches."