Top chamber officials from Qatar and Saudi Arabia led Wednesday a high-level business meeting that tackled several key issues, including economic integration, trade growth, and the activation of the Qatari-Saudi Business Council, among others.
The Qatar-Saudi Business Meeting was co-organised by Qatar Chamber, led by first vice chairman Mohamed bin Towar al-Kuwari, in co-operation with the Council of the Federation of Saudi Chambers, headed by its chairman, Ajlan bin Abdulaziz al-Ajlan.
Al-Kuwari lauded Qatar’s close relations the Kingdom of Saudi Arabia, stressing that both countries enjoy historic ties based “on solid foundations of brotherhood and intimacy.”
Qatar Chamber second vice chairman Rashid bin Hamad al-Athba joined many board members and prominent Qatari and Saudi businessmen during the meeting, which highlighted ways to enhance co-operation ties between Qatari and Saudi companies and to identify investment opportunities available in both countries.
The meeting discussed the possibility of establishing alliances and partnerships between Qatari and Saudi companies to achieve the economic and commercial integration between both countries, as well as activating the Qatari-Saudi Business Council, and setting an agenda of its meetings to review all issues that are of interest to businessmen.
Al-Kuwari said both countries’ wise leaderships were instrumental in restoring Qatar-Saudi relations, especially after the Al-Ula Summit, which established a new phase of constructive co-operation. He said Qatari and Saudi businessmen are looking forward to exploring new aspects of cooperation and opening new channels of active partnership.
He said Qatar and Saudi enjoy strong and distinguished relations, adding that trade exchange in the first nine months of 2021 stood at QR386mn despite the impact of the Covid-19 pandemic.
Al-Kuwari said there is a need to intensify mutual visits between both countries’ business sectors going forward and a need to develop co-operation and co-ordination between Qatar Chamber and Council of the Federation of Saudi Chambers, in addition to activating the Qatar-Saudi Business Council to consolidate co-operation between the private sectors and revitalise trade and investments between both sides.
He also reiterated that the chamber strongly supports and encourages co-operation between Qatari and Saudi firms by establishing commercial alliances and partnerships in all fields whether in Qatar or in Saudi. He also encouraged Saudi businessmen to explore Qatar’s investment climate, saying the State offers many incentives to foreign investors.
Al-Ajlan said the meeting will help strengthen co-operation ties between both sides. He expressed hope that it would represent a starting point for effective recommendations that underpin future co-operation between businessmen in the two countries.
On activating the Qatari-Saudi Business Council, al-Ajlan said both sides are working on restructuring it to enhance communication prospects and exchanging information about investment opportunities on the back of the Saudi Vision 2030 and Qatar National Vision 2030.
These opportunities include food and medicine production, logistics services, technology services, digitisation, and other promising opportunities that ensure the diversity and competitiveness of the two economies and to raise the standard of living in both countries.
On the sidelines of the meeting, three MoUs were signed between Qatari and Saudi companies, including one led by Rashid bin Hamad al-Athba, chairman of Al-Athbi Group, and Majid al-Gharbi on behalf of Al-Shuwayer Group.
Also, Qatar-based Al Dulaimi Oil Well Equipment Company signed a strategic partnership agreement with Saudi-based Oil Industry Supplies & Services Co. In the tourism and hospitality sector, Al Rajhi Group of Saudi Arabia signed four co-operation agreements with four Qatari hotels: Souq Waqif Hotels, Al Rayyan Hotel, Banana Island Hotel, and Dusit International Hotels.
The meeting also featured bilateral meetings between Qatari and Saudi businessmen, during which they reviewed investment opportunities in both countries and discussed efforts to build long-term economic co-operation mechanisms.