Riyadh: The Qatar-Saudi Business Forum, jointly organized by Qatar Chamber and the Federation of Saudi Chambers, was held Monday in Riyadh.
The event was attended by HE Minister of State for Foreign Trade Affairs Dr Ahmed bin Mohamed Al Sayed, HE Saudi Minister of Commerce Dr Majid bin Abdullah Al Qasabi, HE Chairman of Qatar Chamber Sheikh Khalifa bin Jassim Al-Thani, HE President of the Federation of Saudi Chambers Hassan bin Moejeb Al Huwaizi and HE Chairman of the Saudi side at the Qatar-Saudi Business Council Hamad bin Ali Al Shuwair.
The forum focused on enhancing trade and investment cooperation between the two countries, highlighting available investment opportunities in both sides.
It featured several working sessions that addressed key economic issues and explored strategies for achieving economic integration between the two nations.
HE Dr. Ahmed bin Mohammed Al-Sayed delivered a speech at a ministerial meeting titled "Investment Trends in Economic Sectors", stressing the robust relations between Qatar and Saudi Arabia, founded on longstanding partnerships and common aspirations. Al-Sayed noted the keen interest of both countries' leadership in strengthening bilateral relations to fulfil the aspirations of both peoples with regards to economic development and social prosperity.
Al-Sayed clarified that the Qatari-Saudi relations have evolved significantly, owing to an enhanced cooperation, especially in the fields of industry, trade, and mutual investments, under the initiatives, projects, and agreements fostered by the Qatari-Saudi Coordination Council. HE also pointed out the substantial growth in trade volume between the two countries, increasing from $802.5 million in 2023 to $1.45 billion in 2024, recording a growth rate exceeding 82%.
HE emphasised that the forum serves as a pivotal platform to discuss topics of mutual interest and enhance mutual investments. He encouraged Qatari and Saudi investors to explore the opportunities available in both markets, focusing on value-added sectors that support sustainable economic development.
For his part, HE Al Qasabi praised the deep-rooted fraternal and historical ties between both brotherly countries. Speaking at the forum's opening session, he emphasized the importance of fostering economic integration between the private sectors to drive mutual growth and prosperity.
He emphasized the importance of such forums in strengthening communication, exploring trade and investment opportunities, and overcoming challenges to the growth of economic relations.
He further noted that the Saudi-Qatari Coordination Council plays a crucial role in strengthening bilateral relations, aligning with the aspirations of both nations' leaderships and peoples. The council serves as a platform for fostering business collaborations across various sectors and deepening brotherly ties to advance Saudi Vision 2030 and Qatar National Vision 2030.
HE Sheikh Khalifa bin Jassim Al-Thani highlighted the strong ties between Qatar and KSA, emphasizing the shared commitment of business owners from both countries to enhancing economic cooperation. He noted that, under the wise leadership of both nations, new opportunities for cooperation and investment will pave the way for a new era of growth and development.
Sheikh Khalifa pointed out the significant growth in trade volume between Qatar and Saudi Arabia in recent years, affirming that the forum serves as a valuable platform for fostering a new phase of cooperation. He underscored the importance of international events that Saudi Arabia will be hosting, such as the World Cup 2034 and Expo 2030, in creating further investment opportunities.
His Excellency praised the forum as a strategic initiative for strengthening ties between the Qatari and Saudi business sectors and commended the Qatar-Saudi Joint Business Council as a platform for fostering economic partnerships that enhance both economies' global competitiveness.
Furthermore, His Excellency stressed that empowering the private sector and enhancing its role in economic development is a fundamental pillar of deeper economic integration between the two countries.
In turn, HE Al Huwaizi emphasized that every joint project and investment between the two sides is a result of the support and guidance of the leaderships of both brotherly countries.
Al Huwaizi urged Qatari and Saudi businessmen to forge strategic partnerships and alliances, emphasizing the importance of investing in major projects both within their countries and internationally.
HE Al Shuwair stated: "The Council serves as a vital platform for business owners from both countries to strengthen bilateral relations, align with the aspirations of their leaders, and expand trade and investment ties. It also aims to address challenges, remove obstacles, and promote economic integration within the private sector".
The business forum featured a presentation by the Investment Promotion Agency, highlighting the advantages of investing in Qatar, followed by a presentation from the Saudi Ministry of Investment, showcasing investment opportunities in Saudi Arabia.
A panel discussion titled 'Towards Fruitful Economic Integration' brought together representatives from the Saudi Standards, Metrology and Quality Organization, Qatar Exports, Saudi Food and Drug Authority, Qatar Free Zones Authority, and Qatar Real Estate Regulatory Authority to discuss investment potential and regulatory frameworks.
This was followed by a working session titled 'Promising Investment Opportunities', where representatives from the Ministry of Industry and Mineral Resources (Saudi Arabia), Ministry of Transportation (Qatar), Aseer Region Development Authority (Saudi Arabia), Cities and Special Economic Zones Authority (Saudi Arabia), and Knowledge Economic City (Saudi Arabia) provided insights into key investment sectors and strategic opportunities for growth.
