JEDDAH: Over 70 Qatari companies participated in a business forum in Riyadh on Feb. 24 aimed at boosting trade and investment with Saudi Arabia.
The event, held at Crowne Plaza in Digital City, was attended by the Kingdom’s Commerce Minister Majid Al-Kassabi and Qatar’s State Minister of Foreign Trade Ahmad Mohammed Al-Sayed.
The Saudi-Qatari Business Forum played host to more than 100 businesspeople from the Gulf country alongside counterparts from the Kingdom, with discussions focused on enhancing economic collaboration, exploring investment prospects, and evaluating the respective nations’ business environments.
Trade between Saudi Arabia and Qatar reached SR4.6 billion ($1.23 billion) in 2024, with Saudi exports to Qatar valued at SR3.2 billion and imports from Qatar totaling SR1.4 billion.
Qatar ranks 40th for Saudi exports and 53rd for imports. Key exports to Qatar from the Kingdom include plastics, rubber products, and gemstones, as well as vehicles and boats, while imports from Qatar consist of animals, fuel, chemical products, and inorganic chemicals.
On Feb. 23, the Saudi-Qatari Business Council met in Riyadh, with Sheikh Khalifa bin Jassim Al-Thani, chairman of the Qatar Chamber, and Hamad bin Ali Al-Shuwaier, chairman of the Saudi side, leading the discussions.
Hassan bin Moejeb Al-Huwaizi, president of the Federation of Saudi Chambers, was also in attendance.
During the meeting, both sides discussed various mutual issues, focusing on streamlining bilateral trade procedures, fostering business collaborations, and exploring opportunities to enhance shared investments.
Al-Thani emphasized the strength of his country’s ties with Saudi Arabia, underlining that they have always been, and will continue to be, a steadfast foundation for advancing development, growth, and prosperity for both nations, according to Qatar News Agency.
The official highlighted that the meeting was one of many outcomes of the strong relations between the neighboring states, emphasizing that it complemented previous discussions aimed at shaping a more integrated and prosperous economic future, leveraging available potential and opportunities.
Al-Huwaizi noted significant opportunities for cooperation between the business sectors of both countries, highlighting Qatar’s experience in hosting the World Cup, through which the Saudi side can benefit. He also underscored the importance of achieving economic integration, as per Qatar News Agency.
For his part, Al-Shuwaier expressed a desire for the private sector to take a more prominent role in enhancing economic relations, noting that the opportunities provided by Saudi Vision 2030 and Qatar Vision 2030 call for an initiative to identify, promote, and share economic opportunities within both business sectors.
The chairman highlighted the business council’s significant achievements, including a 120 percent increase in trade and joint investments.
He also underlined the council’s efforts in advancing agreements, organizing five forums to enhance economic ties, launching initiatives to promote products from both nations, encouraging industrial integration, and establishing task forces for key sectors in the Kingdom and Qatar.
Al-Shuwaier mentioned that a work plan is being developed to improve economic cooperation, address trade barriers, and coordinate joint events.
