Qatar intends to increase investment in the Spanish economy by $5 billion. According to the Qatari News Agency on Wednesday, the agreement was reached during the visit of the Emir of Qatar, Tamim bin Hamad Al Thani, to Spain, timed to coincide with the 50th anniversary of the establishment of diplomatic relations between the countries.

As the agency notes, “Deputy Prime Minister and Foreign Minister Sheikh Mohammed bin Abdul Rahman Al Thani confirmed that the investment partnership initiative with Spain is the starting point for strengthening strong relations between the two friendly countries, noting that the amount of investment agreed with the Spanish side in various sectors of the economy is $5 billion.

According to Agence France Presse (AFP), before the pandemic, Qatar’s investment in the Spanish economy was about $2.8 billion. Qatari sovereign wealth funds have invested mainly in the Spanish energy sector, as well as in the civil aviation sector.

The Emir of Qatar is expected to meet with Spanish Prime Minister Pedro Sanchez on Wednesday. According to an AFP source in the Spanish government, Doha and Madrid must sign several commercial agreements, including those related to energy cooperation. This is due to the desire of Spain to diversify energy supplies against the backdrop of events around Ukraine.

Qatar is currently the fifth largest supplier of natural gas to Spain, behind the US, Algeria, Nigeria and Egypt. In April, Qatari gas accounted for 4.4% of total Spanish imports.