Chairman of QC and Qatari side of Joint Business Council of Sheikh Khalifa bin Jassim bin Mohammed Al Thani (left) and Chairman of Saudi side of the Joint Business Council Hamad bin Ali Al Shuwaier. Pic: Salim Matramkot
Doha, Qatar: Qatar and Saudi Arabia are seeking to further strengthen their economic partnership as the Qatari-Saudi Joint Business Council meeting explored new opportunities to boost trade, investment and private-sector cooperation at Qatar Chamber’s headquarters, yesterday.
The discussions focused on practical measures to facilitate cross-border business, promote mutual investment and support greater economic integration between the two countries, while identifying opportunities arising from major development projects and public-private partnerships.
Both sides affirmed their commitment to developing mechanisms for trade and investment cooperation in a manner that contributes to advancing development and prosperity in the two brotherly countries.
The meeting also saw the signing of five business agreements between atari and Saudi companies. The newly signed agreements span diverse economic sectors, including furniture, medical supplies, real estate brokerage, advertising and promotion, exhibitions, and international investment.
Addressing the meeting, Chairman of QC and Chairman of the Qatari side Sheikh Khalifa bin Jassim bin Mohammed Al Thani noted that the two brotherly countries share close historical, geographical and social ties, as well as common aspirations for a secure, stable and prosperous future. Qatar National Vision 2030 and Saudi Vision 2030 offer broad opportunities to expand cooperation in economic diversification and investment.
The shared heritage and deep-rooted ties between Qatar and Saudi Arabia provide a strong foundation for strategic and sustainable partnerships that serve the interests of both countries.
“The meeting comes at a critical time marked by rapid regional and global developments, highlighting the need for closer coordination, economic readiness and resilience to ensure business continuity, safeguard supply chains and address emerging challenges.
“The meeting builds on a series of previous meetings held in Qatar and Saudi Arabia aimed at advancing partnerships between companies, exchanging expertise, addressing challenges facing trade and investment, and facilitating the movement of goods and services,” Sheikh Khalifa said.
He also underscored the private sector’s key role in advancing development and economic integration, stressing the importance of greater cooperation and shared responsibility.
Chairman of QC and Qatari side of Joint Business Council of Sheikh Khalifa bin Jassim bin Mohammed Al Thani and Chairman of the Saudi side of the Joint Business Council Hamad bin Ali Al Shuwaier with the delegation during the meeting yesterday. PIC: SALIM MATRAMKOT
QC Chairman highlighted opportunities for Qatari and Saudi companies arising from Saudi Arabia’s major projects, including Expo 2030 Riyadh and the 2034 FIFA World Cup, particularly in construction, supply chains, services, tourism, transport and technology.
Also speaking during the event, Chairman of the Saudi side Hamad bin Ali Al Shuwaier said “Since its establishment, the Joint Business Council has developed a strategy aligned with the directives of the leaderships of the two countries, implementing innovative initiatives that have yielded tangible economic results.”
Highlighting the Council’s major achievements, he pointed out that bilateral trade has tripled compared to its 2022 level. Qatari investments in Saudi Arabia have reached around SAR12bn, while Saudi investments in Qatar have reached SAR6bn. He also noted the signing of more than 10 joint agreements and efforts that helped resolve 80% of the identified challenges affecting trade and investment growth.
He stressed the important role of business leaders in the next phase, particularly as both governments seek to empower the private sector to lead sustainable economic development, calling for a new strategy in which business leaders and their institutions play a greater role in shaping and implementing joint initiatives.
The meeting was attended by First Vice Chairman of QC Mohamed bin Ahmed bin Twar Al Kuwari; Rashid bin Hamad Al Athba, Second Vice Chairman of Qatar Chamber and Vice Chairman of the Qatari side of the Joint Business Council; along with members of the Council from both the Qatari and Saudi sides.
Discussions focused on key economic and commercial issues aimed at accelerating economic integration between the two countries. Key areas included increasing bilateral trade, facilitating cross-border business establishment, promoting mutual investments, and reinforcing the private sector’s pivotal role in advancing economic integration.
The Council also discussed local government investment initiatives under public-private partnerships (PPP) offered by both governments to the private sector, identifying priority sectors for investment, exploring frameworks for cooperation on international projects, and establishing a fast-track mechanism to address challenges facing Qatari and Saudi investors.
