Qatar to boost investments in Spain by $5B

Spanish Prime Minister Pedro Sanchez on Wednesday applauded the Qatari emir's announcement that his nation would boost investments in Spain by $5 billion in the coming years.

"It is, without a doubt, a grand gesture of trust, not only in Spain's economy but also in its businesses, which will serve to reinforce the already excellent relations between both countries," said Sanchez at the inaugural of the Spain-Qatar business forum.

"We all know Qatar is a country opening up to the world, and Spain wants to and can participate in that opening," he added.

According to Sanchez, Qatar's investments in Spain through the end of 2019 totaled €2.6 billion ($2.73 billion) and generated nearly 14,000 jobs.

Qatari Emir Sheikh Tamim bin Hamad Al Thani arrived in Spain on Tuesday on his first official visit to Spain since he assumed the throne in 2013.

Spain pulled out all the stops to make the visit a success, handing him the "golden key to Madrid" and a collar marking the highest honors in the Spanish state.

Besides billions in much-needed investment, the two nations also elevated bilateral relations to the level of strategic partnership.

According to the Spanish government, this high level of relations has only been reached between Qatar and a few other nations: the US, France, Italy, the UK, Japan, Turkiye and China.

The new partnership with Spain will be developed along the lines of regular strategic dialogue, an enhanced framework for economic cooperation, a reinforced system of cooperation in energy, defense and education as well as new avenues of cooperation in areas like health, science and innovation, according to a joint statement released on Wednesday.

In the statement, the nations outlined their shared views on a number of issues ranging from a two-state solution in Palestine and hopes for successful negotiations with Iran.

It said that the climate crisis constitutes "a direct and existential threat" to the global community.