Doha, September 20 (QNA) - The Qatari-Saudi Joint Business Council met on Sunday, co-chaired by HE Sheikh Khalifa bin Jassim bin Mohammed Al-Thani, Chairman of the Qatar Chamber and Chairman of the Qatari side, and HE Hamad bin Ali Al Shuwaier, Chairman of the Saudi side.

The meeting was attended by 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.

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.

In his remarks, HE Chairman of the Qatar Chamber emphasised that 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.

He 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. He added that Qatar National Vision 2030 and Saudi Vision 2030 offer broad opportunities to expand cooperation in economic diversification and investment.

He said that 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.

HE Sheikh Khalifa added that 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. 

Furthermore, he 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.

He also underscored the private sector’s key role in advancing development and economic integration, stressing the importance of greater cooperation and shared responsibility. He expressed hope that the discussions would lead to practical initiatives that strengthen business partnerships and contribute to a more secure, stable and prosperous future for both countries.

For his part, HE Hamad bin Ali Al Shuwaier said that 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 SAR 12 billion, while Saudi investments in Qatar have reached SAR 6 billion. He also noted the signing of more than 10 joint agreements and efforts that helped resolve 80 percent 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.

At the conclusion of the meeting, HE Sheikh Khalifa bin Jassim bin Mohammed Al-Thani, Chairman of the Qatar Chamber and Chairman of the Qatari side, and HE Hamad bin Ali Al Shuwaier, Chairman of the Saudi side, witnessed the signing of five business agreements between Qatari 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. (QNA)