(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: The Qatari Businessmen Association (QBA) received at its headquarter, Saudi Minister of industry and Mineral Resources, H E Bandar bin Ibrahim Al Khorayef, on the sidelines of his visit to Doha to attend the periodic consultative meeting with Their Excellencies the Ministers of Industry and Trade of the Gulf Cooperation Council countries. The meeting at QBA was also attended by the Saudi Undersecretary of the Ministry of Industry, Badr Fouda, and H H Prince Mansour bin Khalid bin Farhan Al Saud, the Ambassador of the Kingdom of Saudi Arabia to Qatar.
His Excellency was welcomed by Hussein Ibrahim Al Fardan, QBA First Deputy to the Chairman, in the presence of QBA Board members, Sheikh Nawaf Nasser bin Nasser Al Thani and Saud Omar Al Mana, in addition to QBA Members: Khaled Al Mannai, Salah Al Jaidah, Nabil Abu Issa. Abdullah Al Kubaisi, Yousuf Ibrahim Al Mahmoud, and Dhafer Mustafa Halawa, along with Sarah Abdallah, QBA Deputy GM.
At the beginning of the meeting, Minister Al Khorayef thanked QBA for this meeting and started his discussion by revealing that the Kingdom's industrial strategy focuses - in particular - on 12 sub-sectors to diversify the industrial economy in the Kingdom, and more than 800 investment opportunities worth one trillion Saudi riyals, indicating that the Kingdom of Saudi Arabia's industrial strategy aims to double the industrial domestic product about three times, and double the value of exports. He also added that The National Industrial Strategy also works to bring the total value of additional investments in the sector to 1.3 trillion riyals, and to increase exports of advanced technical products by about six times.
Bandar bin Ibrahim Al Khorayef, invited the members of the Qatari Businessmen Association to visit the Kingdom, where coordination will be made between the Ministry, the Qatari Businessmen Association and the federation of Saudi Chambers, to discuss joint investment opportunities between the Saudi and Qatari private sectors as well as investment opportunities in the industrial field that the Ministry will present to Qatari investors.
During the meeting, Minister Al Khorayef said that the Kingdom of Saudi Arabia has revised upward its estimates of the value of unexploited mineral resources, including phosphate, gold and rare earth minerals, to 9.4 trillion riyals, or the equivalent of 2.5 trillion dollars, which makes Saudi Arabia a destination for foreign investors, as the priority will be for the Gulf and Qatari investors.
For his part, Hussein Ibrahim Al Fardan, stated that the Kingdom of Saudi Arabia is currently experiencing a major economic boom, pointing out the importance of the role of the private sector in economic diversification and achieving the Kingdom's economic vision, which practically requires a real partnership between the public and private sectors to reach the goals. Al Fardan also pointed out that there are many investments by QBA members in Saudi Arabia related to tourism, jewelry, contracting, industry, and services, and work will be done to strengthen and diversify them during the upcoming visit to the Kingdom.
As for Sheikh Nawaf bin Nasser Al Thani, QBA Board member, he pointed out that Qatar has paved the way for the Qatari private sector and its participation in the development process, indicating that the Kingdom is witnessing a qualitative and significant shift currently, which encourages the Qatari investor to explore the potential opportunities in the kingdom.
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