Saudi Minister of Investment Khalid al-Falih held talks at the Federation of Saudi Chambers headquarters with the chairman and members of the Saudi-Qatari Business Council. This comes as Saudi Arabia and Qatar are preparing a joint strategy for business in the private sector in the two countries.
The meeting addressed the role and agenda of the council in enhancing the economic relations between the Kingdom and Qatar.
The Saudi Minister underscored the role of the Saudi-Qatari relations at the highest levels, stating that Saudi Arabia represents an economic, strategic depth for Qatar, while Doha represents significant economic importance for the Kingdom.
He stressed the importance of continuing efforts and communication to open more opportunities for the business sectors in both countries and enhance joint trade and investment.
Falih praised the role of the Ministry of Investment as a supporter and enabler of Saudi investment abroad, stressing that the Saudi-Qatari Business Council is one of the important councils.
Saudi Arabia is keen to support it in a way that upgrades the economic ties between the two countries to the highest levels, asserted the Minister.
During the meeting, Falih was briefed on the plans, goals, initiatives, and projects of the council in strengthening economic relations between the two countries.
The Chairman of the Council, Hamad al-Shuwaier, said that the council wants to draft a study analyzing the economic development witnessed by the Saudi Arabia and Qatar.
Shuwaier announced that the trade exchange amounted to $213.8 million in the first half of 2022, noting that the council plans to forge innovative programs and initiatives to increase investment, provide qualitative partnerships and enhance economic integration.
The meeting recommended holding a Saudi-Qatari investment forum to showcase the available opportunities and continue the efforts leading to a smooth trade and export flow between the two countries.
Meanwhile, the Saudi Industrial Development Fund launched its first sustainability report: "Enabling Sustainable Industrial Growth in Saudi Arabia."
The report aims to clarify the efforts and practices of the Fund and review examples of the clients' application concerning environmental sustainability, societal impact, and corporate governance, which would positively reflect on the future development of the industrial, mining, energy, and logistics sectors in the Kingdom.
The report reviewed environmental sustainability, such as climate change and emissions reduction, efficient use of energy, rational use of water resources, and others.
The report reveals the Fund's commitment to it since its establishment.
It also clarifies the Fund's practices that seek to enhance societal impact through positive influence through internal and external policies and procedures, which would contribute to supporting and maximizing the potential of the Saudi society through educational and career opportunities in pursuit of national goals.
The report also refers to the Fund's journey towards the governance of its business supported by corporate governance and responsible management, designed to ensure sustainable growth in the Fund and the targeted sectors.
The Fund issued this report knowing the great importance of these statements in creating the principles of sustainable development in response to the needs of all actors in the local industry and Saudi society in the Kingdom.
The Industrial Development Fund is a member of the Sustainability Council established by the Ministry of Industry and Mineral Resources in 2021. It provides a unified platform for consultation on sustainability issues that positively impact the industrial sectors and the local community.
