Riyadh is witnessing strong economic ties as Qatar and Saudi Arabia ramp up efforts to boost trade relations through the Qatar-Saudi Business Forum, held on Monday. This significant event, organized by Qatar Chamber and the Federation of Saudi Chambers, gathered high-ranking officials, including Qatar's Minister of State for Foreign Trade Affairs, Dr. Ahmed bin Mohamed Al Sayed, and Saudi Commerce Minister Dr. Majid bin Abdullah Al Qasabi.
The forum's main focus was on enhancing cooperation between both nations, exploring investment opportunities, and addressing key economic issues. During the event, Al Qasabi emphasized the deep fraternal ties and the importance of fostering collaborations between the private sectors of both countries for mutual growth.
According to Al Qasabi, the Saudi-Qatari Coordination Council plays a pivotal role, aligning with aspirations to strengthen economic relations under the guidance of their respective leaderships. Such forums are seen as key to promoting dialogue, exploring new avenues for investment, and tackling challenges facing economic relations.
Sheikh Khalifa bin Jassim Al-Thani, Chairman of the Qatar Chamber, remarked on the surge of trade between Qatar and Saudi Arabia. He highlighted the potential for new cooperation opportunities, particularly with Saudi Arabia's upcoming global events, such as the 2034 World Cup and Expo 2030.
Supporting these collaborations, Al Huwaizi from the Federation of Saudi Chambers stressed the importance of strategic partnerships between Qatari and Saudi businessmen, urging them to invest not just domestically, but also internationally.
Adding to the momentum, the forum featured discussions on investment potential and regulatory frameworks with participation from various Saudi and Qatari authorities. Key sectors discussed included industry, transport, and real estate, indicating the diverse investment opportunities awaiting both countries.
Parallel to these developments, the Qatari government is embracing technology for improved efficiency. A notable move is the partnership with Scale AI, aimed at implementing predictive analytics and advanced data analysis within its governance framework. Trevor Thompson, Scale AI's global head of growth, expressed optimism about the potential for this deal to serve as a 'blueprint for other governments worldwide,' underscoring its significance beyond Qatar.
Scale AI's collaboration will explore over 50 applications of artificial intelligence to optimize government processes. While specific financial details of the agreement remain undisclosed, the commitment is clear: Qatar is serious about enhancing its technological capabilities.
The country is also making headlines with its recent bond issuance, which saw $3 billion worth of USD-denominated bonds successfully launched over two maturities. The Ministry of Finance reported strong demand, attracting $17.5 billion at peak, indicating the high level of trust international investors place on Qatar as one of the most stable sovereigns among Emerging Markets.
Qatar's bond issuance included $1 billion maturing in three years at a 4.5% coupon rate, and $2 billion maturing in ten years at 4.875%, reflecting attractive spreads over US Treasuries. The issuance was labeled as successful, underscoring Qatar's appeal to investors across the MENA region and globally.
Rating agencies provided solid credit ratings of Aa2, AA, and AA for the bond, illustrating Qatar's strong financial position. Major financial institutions, including JP Morgan and Qatar National Bank, played pivotal roles as managers of this bond issuance, showcasing Qatar's integration with global financial markets.
These concurrent developments signify Qatar’s proactive approach toward strengthening economic relations, enhancing technology application, and drawing international investment. The culmination of efforts visible through forums, technological partnerships, and successful bond sales not only positions Qatar for immediate economic advancement but also underpins its broader long-term strategy for development.