The State of Qatar and the Kingdom of Spain have announced the establishment of the Qatari-Spanish Joint Business Council during a recent webinar.
The signing of a memorandum of understanding between the Qatari Businessmen Association (QBA) and the Confederation of Employers & Industries of Spain (CEOE) signals another step in the historic relations between the countries. It is expected that the memorandum of understanding will contribute to economic development and to further strengthen the cooperation between the countries – especially in terms of commerce, trade and investment.
It was announced that the total trade volume between Qatar and Spain reached QAR 2.75 billion (USD 750 million) in the first eleven months of 2020 despite the pandemic and the significant economic impact.
Currently, Qatar`s investments in Spain amount to QAR 92.4 billion (EUR 21 billion) across various sectors including energy, sports and real estate. Qatar Investment Authority (QIA) is the second largest shareholder in the Spanish Stock Exchange.
On the contrary, Spain’s representation in Qatar consists of 210 companies operating in many sectors including renewable energy and infrastructure. Spanish businesses offer expertise and experience as well as knowledge in the fields of agriculture, livestock, electronic transformation and sports in particular.
Major sporting events in Qatar, most notably the 2022 FIFA World Cup, will present new opportunities for Spanish businesses across a wide range of sectors inside and outside of the free zones and the special economic zones in the country.
Other possibilities for foreign investors in Qatar include agriculture, health, education, travel and tourism, culture, sports, energy, industrial, distribution, imports and exports, information and communication technology, finance and financial services and others.
Business Start Up Qatar is working with business councils and the relevant stakeholders in the countries to raise awareness of the possibilities and opportunities in Qatar and Spain. Please click on the link and reach out to learn more about the initiatives and Business Start Up Qatar.