'Huge Growth Potential For Omani Entrepreneurs In Qatar'

(MENAFN- The Peninsula) Deepak John | The Peninsula

Doha, Qatar: The bilateral ties between Qatar and Oman have witnessed continuous growth and development in various fields.

Speaking to The Peninsula, Abdulbaqi Al Kindi, Group CEO of Quartet Solutions (QS) said Qatar and Oman have historic relations in commercial and economic fields and in past 10 years it has developed a lot.“We have started seeing projects in Oman and Qatar with cooperation between the government and private sectors.”

Al Kindi further said,“Over the years, we have seen the ties between the two countries grow smoothly. I think the potential and the willingness between the businessmen and the government is there. The need is to take the initiatives and start some visible projects.”

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“Oman can help with the service business in Qatar like construction or hospitality because we have Omran which is managing many five star hotels in Oman. They can share their experience and develop tourism sectors between the two countries,” he added.

Qatar is a promising market and has many opportunities.“There is a lot of AI in Qatar and I think there is a lot of potential here as the country is supporting the entrepreneurs. There is potential for Omani entrepreneurs to expand in this market.”

Last year, the Qatar Investment Authority announced a $1bn fund of funds initiative to accelerate the startup ecosystem in the region, also to foster local and regional entrepreneurs.

Al Kindi pointed out, Qatar can have a lot of resources such as food or manufacturing requirements from Oman and the country has a lot of businessmen who are looking for opportunities.

Commenting about the ports and logistics sector, he said, Hamad Port, Qatar's main gateway to world trade has much demand; we are also connected to it through our port. This serves all, connects Qatar to the world, it reexports business to other countries and Oman is one of the routes to go to the Asian market as well.

He also discussed how Qatar and Oman can collaborate in line with Qatar National Vision 2030 and Oman's 2040 vision. Oman seeks to expand the areas of partnership with Qatar in line with the Sultanate's 2040 vision, which focuses on the logistical sector, tourism, manufacturing and other areas.

“All these visions have same direction which is to achieve the targets, diversify the economy and move from the oil and gas. Since they are all having same vision, I think there's a lot of area for cooperation between the two countries because both have same visions and similar targets,” Al Kindi said.

“We are investing in different sectors such as tourism and logistics and also have trading and construction business. We want to have more expansion and are expanding into Saudi for manufacturing. We also plan to expand to Qatar in terms of tourism businesses and logistics as well,” he added.

Recently, the Qatar-Oman Investment Forum was held in Doha which explored investment opportunities, areas of cooperation that serve the mutual interests of the business sectors in both countries. It focused is on stimulating mutual investments and enhancing partnerships in vital sectors.

The trade exchange between Qatar and Oman reached $1.2bn during the first seven months of 2024, compared to $1.4bn in 2023.

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