Last year, commerce between Saudi Arabia and Qatar totaled 2.7 bn QAR, down from 8.3 bn in 2016 pre-blockade.
The complete formation of the Saudi-Qatari Business Council has been officially authorised by The Federation of Saudi Chambers. The council will run from 2022 until 2026, with the goal of enhancing cooperation, trade, and investment between the two countries.
The formed committee is dedicated to facilitating and fostering investments between the private sectors in Saudi Arabia and Qatar, according to Hamad Al Showair, Vice-Chairman of the Riyadh Chamber of Commerce and Industry.
Al-Showair has also been named as Chairman of the council.
Both sides will seek to develop an investment strategy based on competitive advantages. Additionally, they aim to generally improve the business environment to encourage trade and investment between the two Gulf states, according to Al Showair.
They will also work to overcome challenges together, and make the effort to present investors in both nations with unique and equal investment opportunities. The council will engage in a variety of commercial operations that are in both nations’ priority economic sectors, as part of the two countries’ 2030 visions.
Qatar-Saudi trade ties
Last year, Saudi Arabia’s imports from Qatar amounted to 625 million QAR, while exports totaled around 2.1 bn QAR.
Since the reconciliation agreement was struck during the Al-Ula conference hosted by Saudi Arabia in January 2020, Qatari-Saudi ties have reverted to where they were before to the conflict.
Following the end of the diplomatic rift, the trade exchange between the two countries also gradually improved.
Last year, commerce between Saudi Arabia and Qatar totaled 2.7 billion riyals, down from 8.3 billion in 2016.
The most important products traded between the two countries are transportation equipment, minerals, chemicals, electrical equipment, and plastics.
In 2016, Qatar was ranked 22nd on the list of nations importing Saudi goods.
Last year, Saudi Arabia imported 166.67 million USD (625 million riyals) from Qatar, while exports totaled 560 million dollars (2.1 billion riyals.)
Mohammed bin Salman visited Qatar in December 2021 for the first time since the 2017 GCC crisis. Sheikh Tamim subsequently travelled to Saudi Arabia for the 42nd Gulf Cooperation Council conference.
It was also announced in February that the GCC railway between Qatar and Saudi Arabia is set to begin soon. The 2,177-kilometer Gulf Railway is a proposed transportation infrastructure in Eastern Arabia that would connect all six GCC countries.
Dar Al-Arkan’s Qatar debut
In march, the Les Vagues apartments, a one billion riyal seaside residential project designed by Elie Saab,was unveiled by leading Qatari real estate development business Qetaifan Projects and Saudi Arabia’s Dar Al Arkan. The homes will be on the northern tip of Qetaifan Island.
The regional real estate development titans struck an agreement to develop the property last October. The project will begin in the second quarter of this year, with residence development beginning in January 2023. It will be completed and ready three years after the start of construction.
Total sales in Qatar are likely to exceed 1 bn QAR. The island will feature a waterpark, a five-star hotel, lodging, and retail shops, among other amenities.