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Qatari Companies Transfer World Cup Construction Expertise to Saudi Arabia

Executive Director of Export Development and Promotion at Qatar Development Bank Hamad Mejegheer (Asharq Al-Awsat)
Executive Director of Export Development and Promotion at Qatar Development Bank Hamad Mejegheer (Asharq Al-Awsat)
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Qatari Companies Transfer World Cup Construction Expertise to Saudi Arabia

Executive Director of Export Development and Promotion at Qatar Development Bank Hamad Mejegheer (Asharq Al-Awsat)
Executive Director of Export Development and Promotion at Qatar Development Bank Hamad Mejegheer (Asharq Al-Awsat)

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.

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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.