Qatari-Saudi Business Council Review Facilitating Trade Exchange


(MENAFN- The Peninsula) The Peninsula

Doha, Qatar: The Qatari-Saudi business council convened yesterday at the Doha Exhibition and Convention Centre to discuss the events of the 9th edition of the Made in Qatar Exhibition.

The meeting was presided over by Qatar Chamber Chairman Sheikh Khalifa bin Jassim Al Thani and the Chairman of the Saudi side at the council Hamad bin Ali Al Shuwaier, alongside members of the council from both sides.

The meeting focused on activating the Business Council through an increase in mutual visits. It delved into the Council's action plan for 2024 and set the timing for the next meeting in the first quarter of that year. Additionally, discussions touched on strategies to facilitate the establishment of companies and streamline trade and investment procedures between the two brotherly countries.

Addressing the meeting, Sheikh Khalifa bin Jassim stated that Qatar and KSA share historic and close relations, highlighting that their trade exchange reached QR2 last year, a figure that does not align with the aspirations of both sides.

He emphasised the significance of strengthening economic cooperation between the two countries. He highlighted that the ongoing efforts of this council result from the commitment and support of the wise leadership in both nations, aiming for the advancement of economic and trade relations on a broader scale. This involves exploring new avenues of cooperation and partnership between Qatar's private sector and its counterpart.

“Regarding the council, Sheikh Khalifa stated that it serves as a crucial link between Qatari and Saudi businessmen. He emphasised the existence of numerous investment opportunities for the Qatari private sector and its Saudi counterpart.

The QC Chairman called on Qatari businessmen to explore opportunities in KSA and enhance cooperation with their Saudi counterparts in joint ventures. This, he highlighted, would maximize the contribution of the private sector in achieving the National Vision 2030 in both countries.

In his remarks, Hamad bin Ali Al Shuwaier said that the purpose of this meeting is to enhance trade and investment relations between both countries. He highlighted a substantial growth of 70.5% in their trade during the first half of 2023 compared to the same period last year.

Additionally, he noted an increase in the number of companies operating in the two countries over the past
period.

Al Shuwaier noted that there are plenty of investment opportunities for business owners in various sectors, including real estate, contracting, industrial, energy, tourism, transport, logistics, digital transformation, and other economic sectors. He called for the convening of a Saudi-Qatari Business Forum in Riyadh next year with the aim of showcasing the economic potential and investment opportunities in both countries, as well as the projects available on both sides.

The meeting will also address government incentives and obstacles facing trade and investment between the two countries. At the meeting's conclusion, Sheikh Khalifa and Al Shuwaier witnessed the signature of a number of agreements between companies from both countries.

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