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    Ignacio Sánchez Galán and Emir Tamim Al Thani strengthen the alliance between Qatar and Iberdrola


    May 16, 2022 - CE Noticias Financieras

     

      The emir of Qatar, Tamim bin Hamad Al Thani arrives in Spain on Monday to begin a state visit aimed at strengthening relations between the two countries. The emir's agenda includes meetings with the President of the Government, Pedro Sánchez, and with King Felipe VI, as well as with some of the country's main companies with which the emirate has commercial relations.

      One of the most relevant appointments will be the meeting that Tamim Al Thani plans to hold with the chairman of Iberdrola, Ignacio Sánchez Galán. The emirate's sovereign wealth fund, the Qatar Investment Authority (QIA), is currently the largest investor in the energy company headed by Sánchez Galán, with 8.7% of the company's shares. Over the last decade, the emirate's stake in Iberdrola has been increasing, from 6.2% of the capital it held in 2011 to the current 8.7%. In addition to Iberdrola, the Qatari fund also has stakes in other important Spanish companies such as IAG or Colonial.

      Collaboration between Spain and the emirate has been consolidating in recent years to reach a volume of trade that exceeds 1,000 million euros per year, according to the latest ICEX data. With this visit, both parties hope to strengthen their relationship at a time of profound changes and uncertainties in the international arena.

      Iberdrola is undoubtedly one of the main channels through which this investment channel between Spain and Qatar materializes. The energy company will take advantage of the Free Trade Zones Authority, chaired by Ahmad Al-Sayed, who chaired the QIA when it joined Iberdrola eleven years ago.

      QIA Fund, 425 billion

      The Qatar-Spain Business Council, co-chaired by Ignacio Sánchez Galán and Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani, plays a very important role in promoting this relationship between Spain and Qatar. The QIA fund manages 425 billion euros and has become the second largest investor in the Spanish stock market.

      The collaboration between Iberdrola and Qatar dates back to 2005, when the company entered the gas business in the country and settled five years later in the construction of the Mesaieed power plant, one of the largest in the Middle East.

      In recent years Qatar has been committed to the renewable energy and infrastructure sectors, hence its interest in companies such as Iberdrola. The emirate has a strategic plan, Qatar National Vision 2030, which is committed to innovation and sustainable growth and sees Iberdrola as a key reference as a leader in renewable energies and a pioneer in smart grids, storage, green hydrogen and innovation in the energy sector.

      The Spanish energy company has the Iberdrola Innovation Middle East, located in the Science and Technology Park in Doha, a world reference in the development of innovative solutions in smart grids, integration of renewable energies and energy efficiency. The energy company, which has an installed capacity of around 40,000 MW, has set a target of 60,000 MW by 2025.

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