Fahad Rashed Al Kaabi, CEO of Manateq, addressing ‘The Qatari-Omani Joint Entrepreneurs Meeting’ held at the Four Seasons Hotel in Doha, yesterday. Pic: Salim Matramkot /The Peninsula
DOHA: The value of joint investments between Qatar and Oman is estimated to be over QR5.5bn driven by import of food products and construction materials to Qatar, said Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada yesterday.
The businesspersons for the two countries are planning to set up factories in Qatar, including a water bottling plant that is starting to start soon, he said.
This came in a speech which was delivered on the Minister’s behalf by Engineer Youssef Al Emadi, Director of the Industrial Zones Department at the Ministry of Energy and Industry, during ‘The Qatari-Omani Joint Entrepreneurs Meeting’ held at the Four Seasons Hotel.
“Joint investments between the State and the Sultanate increased in the last period of time, so did trade exchange. In fact, the value of joint investments was estimated at more than QR5.5bn, including Omani investments in Qatar worth QR427m,” he said.
“These investments included importing food products and construction materials to Qatar. In addition, businesspersons from the two countries discussed plans to establish factories in Qatar, notably a water bottling plant that will start manufacturing soon,” he added.
He highlighted that Qatari investments in Oman were in the fields of telecommunications, electricity, cars assembly, food products and tourism. He projected an increase in trade value between the two countries with the increasing imports from the Sultanate.
He noted that trade exchange had doubled since the inauguration of the two direct sea routes between Hamad Port and Omani Sohar and Salalah ports. He also referred to the Qatar Chamber’s report on private sector foreign trade. In this report, Oman was ranked first on the list of countries importing non-oil exports from Qatar in June 2017, valued at QR297m, or 37 percent of the total non-oil exports of Qatar in June.
There are also 115 Omani businesses investing in fully-owned companies in Qatar, and 106 joint Qatari-Omani companies with a total capital of approximately QR427.4m
Addressing the meeting, CEO of Qatari Economic Zones Company (Manateq), Fahad Rashed Al Kaabi, said he hoped to see even bigger cooperation in various areas such as investments in the sectors of industry, transport, food security and more.
“We welcome new ideas in the field of industry, technology and telecommunications, hospitals management, food products, agriculture, livestock and others. In addition to that, the education sector is undoubtedly one of the most important sectors, and I would like to thank the government for its efforts to attract international universities to Qatar,” he said.
“In this regard, we can work together to promote student exchange programs and provide our entrepreneurs and future leaders with necessary tools, knowledge and practical training,” he added.
Al Kaabi welcomed any form of cooperation with Omani investors to guarantee mutual benefits and achieve self-sufficiency in both countries at a later stage.
GOIC Assistant Secretary General for Industrial Information and Studies Shamlan Al Jeheidli, delivered a speech on behalf of GOIC Secretary General Abdulaziz bin Hamad Al Ageel, in which he said, “Trade exchange between Qatar and Oman increased in the last period, with experts expecting a jump from QR3bn to QR6bn in trade volume, particularly with the increasing Omani exports to Qatar in the areas of food products, building materials and several other primary materials”.
“During this meeting, GOIC will introduce 15 industrial investment opportunities in the fields of inorganic compounds, pharmaceuticals and medical supplies, plastic and rubber, manufactured products and machinery and equipment. Furthermore, there will be 10 investment opportunities in the fields of medical supplies,” he added.
Amina bint Khadem Al Awadi, CEO of Modern Talent said: “This meeting is a great opportunity to benefit from the expertise of experts, meet investors, shape commercial partnerships and get to know Qatar’s industrial areas and attractions, thus discovering investment opportunities in Qatar.
“It is an opportunity to meet stakeholders in the fields of logistics, industry, agriculture, pharmaceuticals and others, to know more about investment opportunities in the two countries to support economic development and promote diversification and innovation.”
