The Saudi-Qatari Business Council discusses enhancing investments and trade exchange

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The Saudi-Qatari Business Council discussed economic and trade issues that support integration between the two countries, facilitating procedures for trade exchange and business establishment, in addition to ways to enhance mutual and joint investments, and the role of the private sector in advancing this integration.

This came during the council meeting today, in the presence of the head of the Saudi side in the Joint Business Council, Hamad Al-Shuwaier, and the head of the Qatari side, Sheikh Khalifa Al Thani, and with the participation of council members from both sides.

The meeting witnessed the signing of five business agreements between Saudi and Qatari companies active in the sectors of furniture, medical supplies, real estate brokerage, advertising, exhibitions and international investments.

The Council also reviewed the local government investment initiatives under the Public-Private Partnership (PPP) system presented to the private sector in the two countries, while discussing identifying priority sectors for investment, and finding a joint working formula for implementing international projects, in addition to establishing a fast track to address the challenges of Saudi and Qatari investors.

The two sides affirmed their keenness to develop mechanisms for trade and investment cooperation, in a way that supports the process of development and prosperity in the two countries. In this context, the head of the Saudi side in the Joint Business Council said that the Council has worked since its establishment to develop a strategy that is integrated with the directives of the leadership of the two countries, pointing to the adoption of executable goals and innovative cooperation initiatives that have yielded qualitative results with a tangible economic impact.

He explained that the volume of trade exchange between the Kingdom and Qatar has tripled compared to its levels in 2022, while Qatari investments in the Kingdom amounted to about 12 billion riyals, and Saudi investments in Qatar amounted to about 6 billion riyals.

In addition, he added that the two sides signed more than 10 joint agreements during the last period, while the Council contributed to overcoming 80% of the challenges that were monitored and affect trade exchange and the growth of investments between the two countries.

In the same context, he stressed that the next role falls largely on the shoulders of business owners, in light of government trends in the two countries aimed at enabling the private sector to lead the next stage of sustainable economic development, stressing the importance of developing a new strategy that is compatible with the requirements of the stage, and that business owners and their executive institutions have a major role in drawing and implementing it.

For his part, the head of the Qatari side in the Joint Business Council stressed that the common heritage between the two countries represents a solid foundation for continuing to build strategic and sustainable partnerships, capable of keeping pace with changes and promoting common interests. He said that Qatari-Saudi relations, with their historical roots, are based on ties of brotherhood, history, geography and common destiny, and the two brotherly peoples bring together common interests and aspirations towards a more secure, stable and prosperous future.

At the same time, he pointed out that the directives of the leadership of the two countries provide broad opportunities to expand areas of cooperation, especially in light of “Qatar National Vision 2030” and “Saudi Vision 2030,” and the areas they open for economic diversification and investment. Sheikh Khalifa Al Thani also pointed out that the current session’s meeting is taking place in light of rapid changes and regional and international challenges, which reinforces the importance of cooperation and coordination and raising the level of economic readiness and flexibility, in a way that supports business continuity, supply chains and capacity. Economies to deal with emergency circumstances. In parallel, he explained that the meeting represents an extension of the meetings of the Qatari-Saudi Business Council over the past years, which dealt with developing alliances between companies, exchanging expertise and experiences, and finding solutions to the challenges facing trade and investment, in a way that contributes to facilitating the movement of goods and services and enhancing the business environment.

He stressed that the combined efforts of Qatar, Saudi Arabia and the Gulf and the exchange of experiences represent a practical approach to supporting the private sector and enhancing its ability to continue its role in development, pointing to the importance of cooperation in the sectors of transport, logistics, insurance and supply chains, which raises the efficiency of trade and opens new horizons for sustainable economic cooperation. He pointed out that the major projects that the Kingdom is witnessing, most notably the preparations to host Expo 2030 in Riyadh and the 2034 World Cup, provide economic opportunities. And broad investment opportunities for Qatari and Saudi companies to establish qualitative partnerships and exchange experiences, especially in the sectors of construction, supply chains, services, tourism, transportation and technology. He indicated that the private sector represents an essential partner in achieving development and enhancing economic integration, stressing that the current stage requires more cooperation and coordination, a spirit of initiative and joint responsibility, and taking advantage of the available capabilities to build a more flexible economy and the ability to adapt to changes. He expressed his aspiration that the meeting will constitute a platform for exchanging visions and experiences. Discussing the challenges and coming up with initiatives and decisions that strengthen the partnership between business owners in the two countries and support the paths of economic integration and sustainable development.