Qatar wants to increase its trade and investment partnerships with Saudi Arabia during the coming period.
A Qatari official announced that several Qatari private companies that established the infrastructure for World Cup facilities intend to launch partnerships with Saudi companies to contribute to constructing stadiums and giant projects.
Executive Director of Export Development and Promotion at Qatar Development Bank Hamad Mejegheer told Asharq Al-Awsat that the agency continues to support entrepreneurs and small and medium enterprises (SMEs) to develop non-oil exports and connect them to global and regional markets.
Mejegheer stated that the Qatari private sector wants to be part of the significant projects that Saudi Arabia is currently launching, adding: "We saw a great desire from Saudi companies to launch partnerships in various fields."
Qatari industrial companies completed several contracts last week. The Qatar Aluminium Extrusion Company (Qalex) signed a contract worth $6.4 million annually, while other companies implemented contracts worth $3.2 million.
The Executive Director pointed out that this is a positive indication that Qatari companies can contribute to the Saudi private sector in this giant construction boom that the Kingdom is currently witnessing to achieve Vision 2030.
Mejegheer said that Qatar aims to enhance cooperation with the Saudi private sector in supplying its requirements for the mega projects currently being launched in the Kingdom.
The Qatari private sector is still on the right path after recovering from the implications of the coronavirus pandemic that hit global markets, said the official.
He believes that the construction sector that contributed to the preparations for hosting the World Cup has a great need for cooperation between the two countries private sectors.
Qatari companies constructed projects to host the global event, with over $55 billion, including stadiums and underground metro, said Mejegheer, noting that this experience is essential in transferring relevant knowledge to the Saudi market.
Qatari companies have completed building six fully-equipped stadiums for the World Cup 2022, and Saudi Arabia is witnessing plans to inaugurate many stadiums, which supports partnership in transferring knowledge of World Cup projects to the Kingdom.
Mejegheer stated that Qatari non-oil exports amounted to an estimated $9 billion in 2021, a 50-percent increase from 2020, which is a positive indication that non-oil exports are back on track and exceed pre-coronavirus records.
The Qatari market and private sector enjoy high-quality products and have achieved highly competitive prices capable of reaching all markets in the region and the world, according to Mejegheer.