Dubai Chamber urges businesses to explore investment opportunities in Qatar

Speaking at Dubai Chamber's Country Focus Briefing: Qatar 2012, held at its headquarters on Tuesday, December 4, 2012, Buamim said Qatar has the resources to fund major planned investments especially with events like the 2022 World Cup coming up its development will accelerate significantly, said Buamim.

The briefing, organised in cooperation with the Qatar Chamber of Commerce and Industry, was attended by a large number of delegates from Dubai and Qatar's business communities, who were eager to learn more about the investment opportunities offered by the fastest growing economy in the region.

"Dubai is well placed to help Qatar meet its import obligations with regards to machinery and construction materials that are set to increase in line with population growth and large-scale planned infrastructure projects," said Buamim.

The Director General of Dubai Chamber pointed out that Dubai and Qatar have close ties and are well connected via sea and air thus they are logical business partners. Dubai has a lot of experience and success in developing other industries to lead economic growth and it is now a world leader in terms of tourism, trade and logistics, he said.

Also, Dubai can assist Qatar with its own diversification plans and at the same time capitalise on the investment opportunities that exist in the country, he added.

The Director General of Dubai Chamber shed light on the trade figures which he said demonstrated Dubai's close links with Qatar as the emirate's non-oil trade with the country last year valued at AED 7.8 billion, and it ranked 26th on Dubai's list of largest trading partners. Imports were worth AED 1.1 billion while exports and re-exports were at AED 6.7 billion.

Presently, there are 238 partnership ownership firms registered with Dubai Chamber and operating in the emirate, he said.

Representing the Qatar Chamber of Commerce & Industry, Mr. Ali Bu Sherbak Al Mansouri, Head of Public Relations and Communications, Qatar Chamber, said: "Qatar has allocated huge investments in infrastructure projects and has formulated business-friendly measures to attract private investments. The country's economic diversification has opened the doors for investments in vital economic sectors while activating the role of the private sector in establishing a strong partnership between the public and private sectors."

Al Mansouri further stated that Qatar is grabbing the world's attention as the country has gained confidence in hosting important international events like the World Cup Football 2022, the World Conference on Climate Change and the 8th World Chambers Congress, which he said will be held from 22 to 25 April next year.

He thanked Dubai Chamber for organising the Country Focus Briefing on Qatar which he said will shed light on the business opportunities in his country and will also help enhance the bilateral ties between the two countries.

Dubai Chamber's presentation on Dubai and Qatar Business Synergies pointed at different competitive advantages and economic structures that have laid solid grounds for future economic synergies between them.

It also highlighted the areas of cooperation between Dubai and Qatar stating that stronger partnership opportunities existed in the areas of machinery, electrical equipment, vehicles, clocks and watches and cereals which Qatar imports from Dubai.

The presentation also called upon Qatar and Dubai to increase their capital flows to Africa as special opportunities lies in investing together in Africa's agricultural sector, it said.

Launched in 2010, the Dubai Chamber initiative of the Country Focus Briefing is organised in association with embassies, consulates, business councils, trade centres and representative offices of target countries. The main objective of the briefing is to introduce business opportunities in one chosen market to Dubai's business community so as to empower them to explore emerging export destinations, develop relationships with relevant trade bodies as well as enhance their competitiveness in the global business arena.

So far, the initiative has brought into focus new markets like Chile, Switzerland, Japan, Turkey Brazil, Ethiopia, Australia, the Netherlands, Kurdistan and Kazakhstan.