Economic integration

Qatar-Saudi business meeting highlights vital importance of achieving economic integration

Doha: The First Deputy Speaker of the Qatar Chamber (QC), Mohamed bin Ahmed bin Twar Al-Kuwari, praised the close relations between the State of Qatar and the Kingdom of Saudi Arabia, stressing that the two countries maintain historical ties based on solid foundations of fraternity and intimacy.

This happened during the Qatar-Saudi Business Meeting which was co-hosted by the Qatar Chamber in cooperation with the Council of the Federation of Saudi Chambers on Wednesday at the Marsa Malaz Kempinski Hotel.

The Saudi side was led by Chairman of the Council of the Federation of Saudi Chambers HE Ajlan bin Abdulaziz Al-Ajlan.

The QC’s second vice-president, HE Rashid bin Hamad Al-athba, along with numerous board members and a host of prominent Qatari and Saudi businessmen attended the meeting which highlighted the ways to strengthen cooperative ties between Qatari and Saudi businessmen and identified investment opportunities available in the two countries. .

He also discussed the possibility of establishing alliances and partnerships between Qatari and Saudi companies to achieve economic and trade integration between the two brotherly countries.

The activation of the Qatari-Saudi Business Council and the establishment of an agenda for its meetings to consider all issues of interest to businessmen of the two countries were also discussed.

Al-Kuwari went on to point out that the specificity of the relations between the two countries and the wise visions of the wise leaders were a catalyst for the rapid return of their relations and a motive to open new horizons for cooperation between them at all levels. . , especially after the Al-Ula Summit which established a new phase of constructive cooperation between them.

He noted that the businessmen of the two countries are looking forward to exploring new aspects of cooperation and opening up new avenues of active partnership, expressing his hope that the meeting will contribute to further developing economic and trade relations for respond to the aspirations of the two brotherly countries.

Regarding economic cooperation, he noted that Qatar and Saudi Arabia have a strong and distinguished relationship, pointing out that their trade exchange amounted to QR 386 million in the first nine months of this year despite the repercussions of the Covid-19 pandemic.

HE underlined the importance of intensifying mutual visits between the two lines of business in the coming period, developing cooperation and coordination between the Qatar Chamber and the Council of the Federation of Saudi Chambers, in more to activate the Qatar-Saudi Business Council to consolidate cooperation between the private sector. and revitalize trade and investment between the two parties.

The QC First Vice President reiterated that the Chamber strongly supports and encourages cooperation between Qatari and Saudi companies by establishing business alliances and partnerships in all fields, whether in Qatar or Saudi Arabia.

Al-Kuwari called on Saudi businessmen to invest in Qatar to take advantage of the attractive incentives offered by the state to foreign investors, at the same time inviting Qatari businessmen to explore the opportunities available in Saudi Arabia and cooperate with their Saudi brothers in joint projects that enhance the contribution of the private sector to the realization of the 2030 visions of the two countries, which produce many major projects and investment opportunities on both sides.

For his part, Chairman of the Council of the Federation of Saudi Chambers Ajlan Al-Ajlan underlined that this meeting will contribute to strengthening the ties of cooperation between the two parties, expressing his hope that it represents a starting point for effective recommendations. that underlie future cooperation between businessmen. in both countries.

HE also noted that this meeting came within the framework of the visit of HRH the Crown Prince of the Kingdom of Saudi Arabia, Prince Mohammad bin Salman bin Abdulaziz Al Saud to Qatar, which confirmed the concern of the wise leaders of the two countries to develop their economic ties. .

Al-Ajlan pointed out that Qatar ranks fifth among GCC states in terms of trade volume with Saudi Arabia and the world’s 33rd partner in terms of exports.

Touching on the competitiveness of the economies of the two countries, he noted that Saudi Arabia’s economy ranked 36th while Qatar’s economy ranked 29th in the world according to the Global Competitiveness Report 2020, released by the World Economic Forum. (WEF), noting that this underscores the competitiveness of the two global economies.

Regarding the Qatari-Saudi Business Council, Al-Ajlan said the two sides are working on its restructuring and activation with a view to improving communication prospects and exchanging information on available investment opportunities. on both sides, noting that the Saudi Vision 2030 and the Qatar National Vision 2030 generates a wealth of opportunities in which businessmen from both countries can invest.

These opportunities include food and medical production, logistics services, technology services, digitalization and other promising opportunities that guarantee the diversity and competitiveness of the two economies and increase the standard of living in the two countries, he said. he said, adding that Qatar, host of the 2022 World Cup is one of the most important investment opportunities to consider.

The host will contribute to the development of trade in goods and services and the revitalization of the tourism sector, in addition to providing an additional source of income for the host country and investors, he added.

During the meeting, the two sides made numerous presentations on the business and investment climate and cooperation opportunities between businessmen of the two countries.

On the sidelines of the meeting, three memorandums of understanding were signed between Qatari and Saudi companies to strengthen their cooperation in the areas of trade and investment.

Companies that signed the deals include Qatar-based Al-Athbi Group and Saudi Arabia-based property investment group Hamad Al-Shuwayer. The agreement was signed by Rashid bin Hamad Al-Athba, Chairman of the Board of Al-Athbi Group, and Majid Al-Gharbi on behalf of Al-Shuwayer Group.

In addition, Al Dulaimi Oil Well Equipment Company, based in Qatar, has signed a strategic partnership agreement with Oil Industry Supplies & Services Co. LLC, based in Saudi Arabia.

In the tourism and hotel sector, the Al Rajhi group, based in Saudi Arabia, has signed 4 cooperation agreements with four Qatari hotels: Souq Waqif Hotels, Al Rayyan Hotel, Banana Island Hotel and Dusit International Hotels.

The meeting also featured bilateral meetings between Qatari and Saudi businessmen, during which they reviewed investment opportunities in the two countries and discussed efforts to establish economic cooperation mechanisms in long term.