Doha prides itself on having growing cooperation with Moscow in the private sector, as over 50 Russian companies are present in Qatar, as well as in the field of culture, Sheikh Ali Alwaleed Al-Thani, the CEO of the Qatari Investment Promotion Agency (IPAQ), told Sputnik
MOSCOW (Pakistan Point News / Sputnik - 02nd December, 2019) Doha prides itself on having growing cooperation with Moscow in the private sector, as over 50 Russian companies are present in Qatar, as well as in the field of culture, Sheikh Ali Alwaleed Al-Thani, the CEO of the Qatari Investment Promotion Agency (IPAQ), told Sputnik.On November 20, the Russia-Qatar Joint Committee for Trade, Economic, Scientific and Technical Cooperation convened in Moscow. At the meeting, Qatar's Commerce and Industry Minister Ali bin Ahmed Al Kuwari said that bilateral trade had grown by almost 250 percent year-on-year in 2018 and reached $272 million. At the same time, Russian Energy Minister Alexander Novak noted that bilateral trade in the first nine months of 2019 amounted to $53 million.
"Qatar is proud of the number of Russia-Qatar joint ventures that already exist � there are currently almost 50 Russian companies operating in Qatar; agreements signed across Sport, Civil Aviation and education Ministries; and various cultural exchange programs. 2018 was designated the Russia-Qatar Year of culture with cross cultural performances in fashion, music, visual and performance arts. This is testimony not only to our growing business potential that Qatar offers Russian firms, but also of our strong friendship and bilateral relationship," Al-Thani said.
Currently, Moscow and Doha are working on easing their legal frameworks to unlock further investment exchanges between the states, the executive underlined.
"Qatar currently has a partnership with the Russian Direct Investment Fund (RDIF) on the Pokrovsky Hills project, a residential real estate complex in Moscow. We look forward to continued partnership and investment opportunities in Russia," Al-Thani added.
IPAQ, launched by Doha this summer, is tasked with attracting foreign direct investment to the Gulf country in line with the goals outlined in the Qatar National Vision 2030. According to the agency's figures, investment flow to Qatar in the first quarter of 2019 increased by over 6 percent year-on-year.
