Saudi Arabia, Qatar form joint business council to boost trade exchange

A Saudi-Qatari business meeting in 2021.

The Federation of Saudi Chambers (FSC) announced on Tuesday the formation of the Saudi-Qatari business council in its new session till 2026.

Hamad Al-Showair has been named as Chairman of the council, while Majid Al-Gharbi and Eng. Abdullah Al-Sabhan have been named as vice-presidents.

They will work with their counterparts from the Qatari side to support efforts to increase the volume of trade exchange between the two countries.

Al-Showair said that the formation of the council is a result of the efforts and support of the two leaderships in the two countries.

“The council will carry out many commercial activities according to the economic sectors targeted in both countries within the Kingdom’s Vision 2030 and Qatar’s Vision 2030.”

He added that the business council will be concerned with organizing the common interests of the private sector in various economic activities and working to promote them.

It will also be supporting investment by involving the existing and approved enablers and incentives within the policies of the two countries.

Al-Showair said they would work to build an investment strategy based on competitive advantages, while supporting, developing and improving the business environment.

They will also work to overcome obstacles and challenges, and making all efforts that would provide investment opportunities for investors in the two countries.

The trade exchange between the two countries witnessed a gradual improvement, after the end of the diplomatic crises.

The trade exchange amounted to about SR2.7 billion last year, compared to about SR8.3 billion in 2016.