Rolls-Royce and Qatar launch a new fund to funnel billions into UK green engineering projects

Rolls-Royce has partnered with Qatar to create a fund that will channel billions into UK green engineering programs.

Qataris plan to create a science hub in northern England that will allow companies to test and build new technologies. 

Building for the future: Rolls-Royce will allow firms receiving funding to use its sites

The scheme aims to create five so-called ‘unicorn’ companies – which are worth more than $1billion (£731m) – by 2030 and create 10,000 jobs in Britain in the coming years. 

It could be announced in time for the Cop26 climate change summit in Glasgow. 

Qatar Airways, the country’s flag carrier is one of the largest Rolls’ Trent customers. 

Rolls will enable funding firms to use its websites. It will also own stakes in certain businesses. 

The Sunday Times reported that Qatar is in discussions with venture capitalists and private equity firms to fund the project.

The Qatar Fund, a non profit organization, will receive funding from the Gulf state. Qatar is already a major investor in the UK – with stakes in Heathrow, Sainsbury’s and British Airways-owner IAG.