According to the Federation of Saudi Chambers, Qatar and Saudi Arabia’s trade exchange volume hit 4.6bn Saudi Riyals (around QAR 4.4bn and $1.2bn) in 2024.
The Qatari-Saudi Coordination Council convened in Doha on Tuesday, with both sides reaffirming their commitment to strengthening bilateral ties across key sectors, including trade and investment.
Qatar’s Prime Minister and Minister of Foreign Affairs, Sheikh Mohammed bin Abdulrahman Al Thani, and Saudi Arabia’s Foreign Minister, Prince Faisal bin Farhan Al Saud, chaired the meeting.
In a statement from Qatar’s foreign ministry, Sheikh Mohammed described the meeting as “a valuable opportunity to discuss” Doha-Riyadh relations and cooperation, particularly “in light of the exceptional political and economic challenges facing the region.”
“It was especially important today to exchange views and perspectives between the two countries to deepen mutual understanding and develop common positions to address the various challenges,” Sheikh Mohammed said, according to the statement.
The Committee has held regular meetings as part of Qatar and Saudi Arabia’s ongoing efforts to strengthen their bilateral relations. The previous meeting, held in Riyadh last September, focused on the proposal of various initiatives, particularly in the fields of sports and energy.
“The fields of sports, culture and tourism have witnessed distinguished and exemplary cooperation, as the two countries have become global destinations admired for hosting major sports and cultural events,” Sheikh Mohammed added in the statement.
Qatar’s top official noted that the Gulf neighbours are “exploring investment opportunities and mutually beneficial projects” in the fields of investment and energy.
Trade between Qatar and Saudi Arabia had resumed in 2021 following the signing of the Al-Ula Declaration, which resolved a nearly four-year diplomatic stalemate.
During the region’s worst diplomatic crisis, Saudi Arabia, the UAE, Bahrain, and Egypt severed ties with Qatar and imposed an illegal air, land, and sea blockade on the country.
Commercial movement through the Abu Samra crossing between Qatar and Saudi Arabia had resumed in February 2021, a month after the signing of the Al-Ula Declaration.
Meanwhile, on February 19, the Qatar Exports Office opened in Saudi Arabia in a bid to accelerate economic cooperation.
According to the Federation of Saudi Chambers, Qatar and Saudi Arabia’s trade exchange volume hit 4.6bn Saudi Riyals (around QAR 4.4bn and $1.2bn) in 2024. Qatar also stood as Saudi Arabia’s 53rd trade partner in terms of imports and 40th in terms of exports, according to the same official figures.
