Qatar-Saudi business meeting reviews expanding investments

Qatar Chamber

The Qatar Chamber (QC) on Sunday hosted the Qatar-Saudi business meeting with the participation of a number of businessmen in the two countries.

The meeting touched on enhancing bilateral cooperation, opening more new channels for partnership between companies and institutions, searching for investment opportunities available in the Qatari and Saudi markets, especially in the Eastern province, and establishing alliances and partnerships to achieve economic and commercial integration.

Addressing the meeting, QC First Vice-Chairman Mohamed bin Twar Al Kuwari stressed the interest of the Qatar Chamber to boost cooperation and open new channels of partnerships between both countries companies, wishing that the meeting would contribute to achieving more development in the two countries' economic and commercial relations.

He said both countries are close and historic relations, which is reflected in their economic relations, especially with the common desire of the private sector in both countries to bolster cooperation and forge alliances and partnerships.

He added that the two countries bilateral trade exchange began to gradually return to its previous levels, noting that it amounted to QR 674mn in 2021 which is still below expectations compared with pre-2017 levels.

Al Kuwari underscored the close relations between Qatar and Asharqia chambers and their will to cement relations and urge companies from Qatar and the Eastern Region to develop cooperation links and establish joint investments and partnerships, affirming that the Eastern Region represents special importance to the Qatari private sector due to the geographical position and the presence of all incentives and facilitations that help developing trade exchange between both sides.

QC First Vice-Chairman affirmed the importance of coordination between both chambers in a way that contributes to expanding cooperation between the private sector, activating trade, and forging new investment opportunities.

Al Kuwari called on Saudi businessmen to expand their investments in Qatar and benefit from incentives offered by the government, urging Qatari businessmen to explore opportunities available in the Eastern Province and cooperate with their Saudi counterparts in joint ventures that expand the private sectors contribution to achieving the National Vision 2030 in both counties.

On his part, Chairman of the Board of Directors of Asharqia Chamber Badr bin Suleiman Al Raziza said that Qatar and KSA enjoy extended relations and a unified vision aimed at achieving the inclusive renaissance for the interest of their peoples, pointing to the role of the Qatar-Saudi Coordination Council in booting strengthening bilateral relations and expanding partnership between both countries in line with their national vision 2030, in a way that supports the joint Gulf cooperation and creates new opportunities between the two brotherly peoples.

He indicated that the Saudi side is looking forward to a broader partnership between the business sectors in the two countries, especially in light of the favorable conditions that are supported by the aspirations of the two leaderships and the fast-growing markets and sectors both countries own, stressing that this contributes to creating new vistas of cooperation and partnership, achieving economic integration, and increasing the trade exchange between the private sector in both countries.

During the meeting, the Investment Promotion Agency of Qatar (IPA Qatar) delivered a presentation on investment opportunities available in Qatar.

The presentation also touched on the investment incentives offered by Qatar and services offered by the authority for foreign investors.

In turn, the Saudi delegation reviewed a number of investment elements in the Eastern Province, the most important land and air border crossings in the region, which contains 1,845 factories, representing 22 percent of the total factories in the Kingdom.

It also cited the most important industries in the province such as chemical industries, textiles, paper, foodstuffs, non-metallic industries, oil, gas, coal, minerals and others. 

QNA