The Qatar-Saudi Joint Business Council convened on Sunday, marking another significant step toward bolstering economic cooperation between the two neighboring Gulf nations. Held in Riyadh, this meeting showcased the commitment of both countries to facilitate trade exchange, simplify business setups, and strengthen mutual investments, laying the groundwork for future economic prosperity.
Presiding over the gathering was Sheikh Khalifa bin Jassim al-Thani, chairman of the Qatar Chamber, who led the Qatari delegation. Hamad bin Ali al-Shuwair chaired the Saudi side, with attendance from Federation of Saudi Chambers president Hassan bin Moejeb al-Huwaizi, among other prominent figures from both sides. Sheikh Khalifa voiced his appreciation for the close ties shared between Qatar and Saudi Arabia, emphasizing the importance of this meeting as part of their efforts to create a more integrated economic partnership.
"We are eager to exploit the available opportunities and the commitment of both nations' leaderships to advance cooperation across economic and investment sectors, especially within the private sector," Sheikh Khalifa remarked, highlighting the strong investment climate present on both sides. He extended invitations to businessmen and investors from both countries to explore and leverage the attractive investment environment, advanced infrastructure, and progressive legislation each nation offers.
An important aspect of the meeting was addressed by Sheikh Khalifa, who stressed the necessity for the council to eliminate obstacles impeding the effective flow of goods between Qatar and Saudi Arabia. He pointed out the unilateral measures impeding trade growth, stating, "Our goal is to facilitate trade and investment partnerships, ensuring ease of movement for our goods and services."
Al-Huwaizi of the Saudi Chamber echoed these sentiments, highlighting the abundant opportunities for collaboration between the two countries' business sectors. He brought attention to Qatar’s experience during the 2022 FIFA World Cup, indicating areas where Saudi Arabia could draw useful insights for its own economic pursuits. Al-Huwaizi remarked, "The economic integration we seek depends largely on real action and concrete projects. We must cooperate to fully exploit our potential."
Similarly, al-Shuwair championed the importance of proactive measures to strengthen these economic ties, noting the shared commitment to fostering close relations at all levels, particularly economically. He expressed optimism about the private sector's role, reminding attendees of the comprehensive strategies being activated under the Saudi Vision 2030 and Qatar National Vision 2030 initiatives.
Al-Athba from the Qatar Chamber reiterated the significance of the council's achievements, which included the facilitation of several agreements across various sectors and the organization of forums aimed at promoting trade opportunities. He stated, "Together, we address economic and commercial challenges, fostering connections between business owners."
On the technological front, Qatar Chamber received another delegation on the same day from the Asharqia Chamber of Commerce and Industry from Saudi Arabia, focusing on cooperation within the IT and digital transformation spaces. Led by Nasser bin Rashed al-Bjjash al-Hajri, the Saudi delegation met with key board members of Qatar Chamber to explore investment opportunities and address challenges faced by joint businesses. Al-Hajri invited Qatari investors to explore potential ventures within Saudi Arabia’s Eastern Province, emphasizing the technological growth both nations could achieve together.
Another developer, Khalifa al-Mana of Qatari Diar, revealed during a media tour of Lusail, the country’s flagship smart city, on the investment opportunities presented by Qatar’s real estate sector valued at approximately $485 billion. Emphasizing the growing foreign investment, he noted the attractive developments being made, including affordable residential options, which could appeal to investors from both countries.
Despite the recent diplomatic rifts, these efforts to strengthen business relations showcase the resilience of Qatar and Saudi Arabia’s economic cooperation framework. With changes like the revised Japan-Qatar Airways Agreement increasing flight options, the nations are gearing up for both local and international investments, particularly as conversations surrounding larger-scale projects intensify.
Experts and officials describe this momentum as key, with projections indicating mutual growth driven by enhanced partnerships and cooperation. A successful outcome from these engagements will not only fortify economic relations but will also set the stage for continued collaboration across diverse sectors.
Overall, the joint activities signify more than just business exchanges; they embody the shared vision both countries have for creating sustainable economic frameworks, illustrating how collaboration can transcend borders to build stronger economies.