February, 11 , 2010

Qatar and Saudi Arabia have decided to jointly conduct a feasibility study to set up a joint venture bank that would primarily finance joint venture projects being launched by businessmen from the two neighbouring countries.During the visit of a 126-member Qatari trade delegation to Saudi Arabia recently, six joint committees were set up to identify areas to launch joint venture projects in.One of the panels relates to banking and it has been entrusted with the task of conducting the above-mentioned feasibility study.

The proposed joint venture bank will have operations in both the countries.During the Qatar Chamber of Commerce and Industry-sponsored visit of Qatari businessmen and women, the Qatari side also urged Saudi Arabia to liberalise the export of construction materials.It was pointed out by the QCCI members that Qatar was a huge market for Saudi building materials, so the curbs imposed by Saudi authorities on their export following the global recession should be eased.

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