File image. Image Credit: QNA

Dubai: Saudi Arabia and Qatar have formed a joint business council to boost bilateral trade. This comes after the Gulf countries signed the Al Ula agreement in 2021.

The Saudis will work with their Qatari counterparts to increase the volume of trade exchange between the two countries. The trade between Saudi Arabia and Qatar amounted to 2.7 billion riyals last year, compared to 8.3 billion riyals in 2016.

Hamad Al Showair, Vice-Chairman of the Riyadh Chamber of Commerce and Industry, said the council is tasked with supporting and encouraging investment between the private sectors in Saudi and Qatar, he added.

Al Showair said both sides will work towards building an investment strategy based on competitive advantages and improving business environment to encourage trade and investment between the two Gulf nations.

They will also work to overcome obstacles and challenges, and making all efforts that would provide investment opportunities for investors in the two countries.