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FINANCIAL NEWS
Qatar, Saudi may set up joint venture bank
11 Feb 2009
(MENAFN) Qatar and Saudi Arabia announced that they plan to conduct a feasibility study to establish a joint venture bank that would finance joint venture projects being launched by investors from the two neighboring countries, The Peninsula reported.
The countries have set up six joint committees to identify areas to launch joint venture projects in. One of the panels relates to the banking sector, entrusted with the task of conducting feasibility study for the proposed joint venture bank that would have operations in both countries.
The Qatari delegation also urged Saudi Arabia to liberalize the export of construction materials, saying that Qatar was a huge market for Saudi building materials, and the curbs imposed exports should be eased.
During the visit of the delegation, it was also decided to set up a joint laboratory where goods moving across the Qatari-Saudi border could be tested for quality to ensure their quick delivery to the market.
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