On the sidelines of the St. Petersburg International Economic Forum, the Qatar National Bank (QNB) Group signed a memorandum of understanding with (VTB) Capital Investments, a subsidiary of the Russian (VTB) Group.
The memorandum aims to develop business between the two sides, whereby the two parties will be able to carry out various activities in investment management and advisory services in the areas of debt, stock and real estate markets. Read also The conclusion of the Qatari activities at the St. Peters burg International Cultural Forum Contemporary Qatar exhibition opens in Saint Peters burg, Russia Qatar’s Foreign Minister inaugurates Doha Corridor at St. Peters burg International Economic Forum The 23rd St. Peters burg International Economic Forum kicks off in Russia
According to the memorandum, QNB and VTB will work to attract foreign capital into the markets of both sides, as well as create a selection of offerings for international investors.
The Qatar National Bank Group (Qatari Shareholding Company), which is the largest in the Middle East and Africa, said that the memorandum of understanding will help in carrying out various activities in investment management and advisory services in the areas of debt, equity and real estate markets, while (VTB) Capital expected that the Russian fund, which will focus On investments in the Qatari economy is very popular.
The Qatar National Bank Group’s agreement with Capital is not the only one during the Qatari participation in the forum. It is expected to announce the signing of at least 65 agreements and memoranda of understanding between Doha and Moscow, which makes Qatar’s current participation in the forum an important step on the road to consolidating the strategic partnership between the two countries.
Among these agreements, the Qatar Investment Promotion Agency signed 3 memoranda of understanding with the cybersecurity company BI.ZONE, Accor Beach Doha, and the innovative agricultural and water technology company Wadi Water, at the Qatar National Pavilion. Forum participant.
The value of investments related to the three signed agreements is expected to reach more than 145 million riyals (one dollar equals 3.65 Qatari riyals), as these agreements will support Russian investments in various sectors, including agriculture, transport, hotel business, cybersecurity, and information technology.
For its part, the Free Zones Authority – Qatar also signed a memorandum of understanding during its participation in the forum with the St. Petersburg Chamber of Commerce and Industry, aimed at strengthening bilateral relations by highlighting the exceptional opportunities offered by the State of Qatar and focusing on areas of growth and cooperation between investors in the free zones and members of the Chamber Commerce and Industry of Saint Petersburg.
The Authority’s pavilion at the forum presents the promising investment opportunities and exceptional services provided by the free zones in Qatar to Russian companies and companies within the Commonwealth of Independent States wishing to expand and establish a presence in Qatar and the region.
Enhance cooperation opportunities
For its part, the Qatari Businessmen Association signed a memorandum of understanding for cooperation with the Russian St. Petersburg Chamber of Commerce and Industry. The agreement aims to enhance cooperation opportunities between the two sides in the trade and investment fields in light of the advanced relations between the two countries.
Member of the Qatari Association, Sheikh Faisal bin Fahd Al Thani, said that the huge Qatari participation in the forum opened new horizons for partnership between the private sector in the two countries, adding that the Qatari Businessmen Association is working hard to attract foreign investments in all fields that provide a qualitative addition to the Qatari market.
He stressed that the association seeks to find investment opportunities in St. Petersburg and Russia in general, noting that the memorandum of understanding will set the frameworks for action between the two sides to increase the volume of trade and investment exchanges.
During his participation in a session on energy transformations at the St. Petersburg International Economic Forum in Russia, the Qatari Minister of State for Energy Affairs, Managing Director and CEO of Qatar Petroleum, Engineer Saad bin Sherida Al-Kaabi, highlighted the importance of the continuous transition to low-carbon energy, stressing the need to bear responsibility by Everyone in order to produce energy in a more responsible way towards the environment.
Al-Kaabi stressed that there is an urgent need to switch to low-carbon energy, pointing out that the environment is the focus of the strategies adopted by all companies operating in Qatar, but at the same time he warned that excessive euphoria may cause a rush in a dialogue that imagines depriving the oil and gas sector of investments.
The Qatari Minister of State for Energy Affairs cited a recent report of the International Energy Agency, which called for stopping investment in oil and gas, saying, “When we deprive the oil and gas sector of additional investments, there will be major spikes in oil and gas prices and some customers and countries will be deprived of oil or gas and all their products.” Considering that this debate is “dangerous, it will harm humanity and about a billion people around the world who do not have electricity today.”
Also on the sidelines of the forum, the Doha Forum and the Roscongress Foundation signed a letter of intent to extend the partnership agreement between them until the Doha Forum 2022, marking the beginning of a new phase of cooperation between the two organizations.
Director of the Doha Forum Nouf Al-Suwaidi said that this agreement confirms that the Doha Forum continues to enhance the exchange of ideas in cooperation with its partners, to come up with viable recommendations, through open dialogue, while the Director of the SPEF Forum Alexei Valkov said that the Doha Forum is a leading platform for dialogue in the Middle East , expressing his aspiration for more joint projects and new meetings in St. Petersburg and in Doha.