LONDON: Britain and Qatar will sign a memorandum of understanding on Wednesday to promote cooperation in financial services, with a focus on the development of sectors such as fintech and green finance.

A delegation from Qatar will be hosted by Finance Minister Rachel Reeves and Economic Secretary Tulip Siddiq at Downing Street in London, where the agreement will be signed, the finance ministry said in a statement.

Financial institutions from both countries will attend the meeting, including Citibank, Standard Chartered , Al Rayan and Qatar National Bank.

Similar agreements were signed with Saudi Arabia and the United Arab Emirates in the past.

The memorandum is being signed during a two-day state visit to Britain by Qatar’s emir, Sheikh Tamim bin Hamad Al Thani, who is expected to meet Prime Minister Keir Starmer later on Wednesday.

Britain is seeking deeper ties with the wealthy Gulf state, and Starmer hopes to use the visit to secure “tangible benefits” for the country on security and the economy, his spokesperson said.

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“Signing the agreement will support investment and growth across both countries, stronger cooperation on financial services and improve ties between the UK, Qatar and the wider region,” the finance ministry said.

Qatar is already a big investor in Britain through the Qatar Investment Authority, which owns the Canary Wharf business and entertainment district in East London, the Shard skyscraper in central London, and stakes in Barclays and Heathrow Airport among others.