Qatar Chamber hosts Saudi business meeting

Qatar Chamber hosts Saudi business meeting
A number of businessmen from both countries attended the Qatar-Saudi business meeting. (QNA)
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Updated 19 September 2022

Qatar Chamber hosts Saudi business meeting

Qatar Chamber hosts Saudi business meeting
  • Bilateral trade gradually returning to pre-2017 levels, says QC chairman

DOHA: The Qatar Chamber (QC) hosted a Qatar-Saudi business meeting on Sunday, with a number of businessmen from both countries in attendance, Qatar News Agency reported.

The meeting focused on strengthening bilateral cooperation, establishing new channels of partnership between companies and institutions, and searching for investment opportunities in the Qatari and Saudi markets, particularly in the Kingdom’s Eastern Province.

QC First Vice-Chairman Mohamed bin Twar Al-Kuwari emphasized the QC’s desire to increase cooperation between companies in both countries.

He said that Qatar and Saudi Arabia have “close and historic” relations, which is reflected in the desire of the private sectors in both countries to forge new channels of partnership.

He added that bilateral trade has began to gradually return to pre-2017 levels, but that the QR674 million ($185 million) recorded in 2021 still falls short of expectations.

Al-Kuwari said that the Eastern Region of Saudi Arabia is of particular importance to the Qatari private sector due to its geographic location.

He urged Saudi businessmen to increase their investments in Qatar and take advantage of government incentives. Meanwhile, he urged Qatari businessmen to explore opportunities in the Eastern Province and collaborate with Saudi counterparts in joint ventures to increase the private sector contribution to both countries’ Vision 2030 programs.

According to Badr bin Suleiman Al-Raziza, chairman of the Board of Directors of Asharqia Chamber, Qatar and Saudi Arabia “share a common vision for achieving an inclusive renaissance in the interests of their peoples.”

He emphasized the role of the Qatar-Saudi Coordination Council in strengthening bilateral relations and expanding partnerships between the two countries in accordance with national Vision 2030 plans, thereby supporting joint Gulf cooperation.

He added that the Saudi side is looking forward to a broader partnership with the Qatari business sector, especially given the favorable conditions supported by the aspirations of the Qatari and Saudi leaders, as well as the opportunities in fast-growing sectors in both countries.

The Investment Promotion Agency of Qatar delivered a presentation on investment opportunities in Qatar during the meeting.

The presentation also discussed Qatar’s investment incentives and the services provided by the authority to foreign investors.

In turn, the Saudi delegation examined a number of investment opportunities in the Eastern Province, which has the most important land and air border crossings in the region and 1,845 factories, accounting for 22 percent of total factories in the Kingdom.

The delegation also highlighted the province’s most important industries, including chemicals, textiles, paper, foodstuffs, non-metallic materials, oil, gas, coal, minerals and more.