Qatari-Saudi Business Council discusses enhancing trade, investment ties

The Qatari-Saudi Joint Business Council convened on Sunday, co-chaired by Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani and Hamad bin Ali al-Shuwaier, the Saudi side's chairman. The discussions centered on key economic and commercial issues to accelerate integration between the two nations, focusing on expanding bilateral trade, easing cross-border business establishment, promoting mutual investments, and reinforcing the private sector's role in economic advancement.

Attendees included Qatar Chamber first vice-chairman Mohamed bin Towar al-Kuwari, second vice-chairman Rashid bin Hamad al-Athba, Qatari side council members, and Saudi counterparts. The council also examined local government investment initiatives under public-private partnerships (PPP) from both governments, identified priority sectors for investment, explored frameworks for cooperation on international projects, and established a rapid response mechanism to address Qatari and Saudi investors' challenges.

Both sides reaffirmed their dedication to advancing trade and investment cooperation, contributing to development and prosperity in their brotherly countries. Sheikh Khalifa underscored the shared heritage and deep historical, geographical, and social ties between Qatar and Saudi Arabia, emphasizing the potential for strategic and sustainable partnerships aligned with Qatar National Vision 2030 and Saudi Vision 2030.

He noted that these visions offer broad opportunities for economic diversification and investment. Sheikh Khalifa highlighted the importance of closer coordination, economic resilience, and addressing emerging challenges, given the current rapid regional and global developments. He also pointed to Saudi Arabia's major projects, such as Expo 2030 Riyadh and the 2034 FIFA World Cup, as opportunities for Qatari and Saudi companies, particularly in construction, supply chains, services, tourism, transport, and technology.

The council's strategic alignment with the leaderships of both nations has led to innovative initiatives yielding tangible economic results. Qatar investments in Saudi Arabia totaled SAR12bn, while Saudi investments in Qatar reached SAR6bn. More than 10 joint agreements were signed, and more than 80% of identified challenges affecting trade and investment growth were resolved.

Sheikh Khalifa and al-Shuwaier witnessed the signing of five new business agreements between Qatari and Saudi companies across various sectors, including furniture, medical supplies, real estate brokerage, advertising, exhibitions, and international investment.