Doha, November 30 (QNA) - The Qatari-Saudi business council convened on Thursday at the Doha Exhibition and Convention Centre to discuss the events of the 9th Made in Qatar Exhibition, which continues on its second day.
The meeting was presided over by HE Chairman of Qatar Chamber Sheikh Khalifa bin Jassim Al-Thani and HE Chairman of the Saudi side at the council Hamad bin Ali Al Shuwaier.
The meeting focused on activating the Business Council through an increase in mutual visits. It delved into the Council's action plan for 2024 and set the timing for the next meeting in the first quarter of that year. Additionally, discussions touched on strategies to facilitate the establishment of companies and streamline trade and investment procedures between the two brotherly countries.
HE Sheikh Khalifa bin Jassim Al-Thani emphasized the significance of strengthening economic cooperation between the two countries. He highlighted that the ongoing efforts of this council result from the commitment and support of the wise leadership in both nations, aiming for the advancement of economic and trade relations on a broader scale. This involves exploring new avenues of cooperation and partnership between Qatar's private sector and its counterpart.
He stated that Qatar and Saudi Arabia share historic and close relations, and they have become a role model for cooperation between brotherly countries. He noted that their trade exchange reached QR 2.2 billion last year, a figure that does not align with the aspirations of both sides as they hope to reach higher levels.
The Chairman of Qatar Chamber stressed Qatar's keenness and its tireless endeavor to continue strengthening these relations and to work to deepen areas of cooperation between the two countries in various sectors, especially in the economic and commercial field, as there is a common desire among the private sectors in Qatar and Saudi Arabia to strengthen relations of cooperation and build new alliances and partnerships that contribute to increasing trade exchange between the two countries and stimulate trade and mutual investment.
Regarding the council, HE stated that it serves as a crucial link between Qatari and Saudi businessmen and is expected to play many roles during the coming period. He expressed his confidence in the role that this council will play in meeting the aspirations of the two sides and in advancing cooperation relations between Qatari and Saudi companies, especially since both countries are linked to achieving the National Vision 2030, which will open more opportunities for cooperation, partnership and investment between businessmen.
HE the Chairman of Qatar Chamber added that there are many investment opportunities available for cooperation between the Qatari and Saudi private sectors, as well as the investment incentives provided by the government in both countries to attract foreign investments. Both countries have enormous potential and an abundance of opportunities in all sectors. He called on Saudi companies to enhance their investments in Qatar, as the country provides world-class infrastructure, an attractive investment climate and stimulating economic legislation in all sectors, which provides 100 percent ownership and many exemptions and facilities.
He also called on Qatari business owners to explore the opportunities available in all areas in Saudi Arabia and to cooperate with their Saudi brothers in joint projects that enhance the private sector's contribution to achieving the National Vision 2030 in both countries.
On his part, HE Hamad bin Ali Al Shuwaier said that the purpose of this meeting was to enhance trade and investment relations between both countries, especially since the future of Saudi-Qatari economic cooperation in its various aspects is full of great potential that awaits investment and exploitation.
He highlighted a substantial growth of 70.5 percent in their trade during the first half of 2023 compared to the same period last year. Additionally, he noted an increase in the number of companies operating in the two countries over the past period, affirming the joint endeavor to raise the volume of trade exchange to reach new and qualitative levels, and to create value-added investments for the economies of the two countries by taking advantage of the economic potential, investment opportunities and incentives provided by the governments of the two countries.
Al Shuwaier noted that there are plenty of investment opportunities for business owners in various sectors, including real estate, contracting, industrial, energy, tourism, transport, logistics, digital transformation, and other economic sectors.
He called for the convening of a Saudi-Qatari Business Forum in Riyadh next year with the aim of showcasing the economic potential and investment opportunities in both countries, as well as the projects available on both sides. The meeting will also address government incentives and obstacles facing trade and investment between the two countries.
At the meeting's conclusion, HE Chairman of Qatar Chamber Sheikh Khalifa bin Jassim Al-Thani and HE Chairman of the Saudi side at the council Hamad bin Ali Al Shuwaier witnessed the signing of a number of agreements between companies from both countries.
Activities of the Made in Qatar exhibition continue for the second day. Its visitors surpassed 2,150 on the opening day and sessions held on the sidelines of the expo were well-attended by interested individuals and experts.
In this context, Qatar Stock Exchange (QSE) presented a seminar titled "Listing on Qatar Stock Exchange" that focused on the importance of listing and the role of QSE in economic development.
The session was moderated by Hamad Khalil from QSE, and it featured the participation of the Senior Business Development Officer in the Listing Department at QSE Ahmed Hassan and the Director of Investment Banking at Qinvest Adam Fathi.
Ahmed Hassan focused in his presentation on the history of QSE and the significance of listing, emphasizing that QSE, founded in 1965, is one of the leading exchanges in the GCC region.
He mentioned that in 2021, QSE established a specialized platform for start-ups, aiming to assist companies willing to list under simplified conditions.
He emphasized the strategic role of QSE as a mirror for the economic process in the state, noting that currently, 55 companies are listed with an estimated market value of QR 600 billion. This figure indicates the extent of economic, commercial, and industrial diversification on the QSE.
For his part, Adam Fathi noted that the role of the listing consultant is the link between the company, supervisory authorities, and all other entities during the listing journey, making it easier for the company willing to list.
Fathi pointed out that the duration for a company to complete the listing process can vary, taking up to one year or even more. He urged companies to address the concerns associated with listing and to prepare thoroughly for the listing process. (QNA)