In a meeting held on the sidelines of the AlUla Conference for Emerging Market Economies, Iranian Finance and Economic Affairs Minister Abdolnaser Hemmati and Qatari Minister of Finance Ali Ahmed Al-Kuwari discussed the strengthening of economic and financial ties between their countries. The conference, hosted annually in AlUla, Saudi Arabia, serves as a platform for global economic policy discussions, organized by the Ministry of Finance of Saudi Arabia and the IMF Regional Office in Riyadh.
During the meeting, the ministers reviewed past achievements and future strategies to enhance bilateral trade. In December 2024, the 10th Iran-Qatar Joint Economic Committee meeting, held in Doha, set ambitious goals to boost trade to $1 billion annually, up from the current $200 million. The committee emphasized the importance of cooperation across energy, infrastructure, trade, social, and cultural sectors.
Iran’s Minister of Energy, Abbas Ali-Abadi, co-chaired the meeting with Qatar’s Minister of Commerce and Industry, Sheikh Faisal bin Thani bin Faisal Al Thani. Ali-Abadi stressed the strategic importance of deepening economic relations and noted the progress of a significant energy project: a 200-kilometer undersea power line linking the electricity grids of Iran and Qatar. This project, which began in March 2023, is nearing feasibility completion and will greatly enhance energy transfer during peak demand periods.
Ali-Abadi also pointed out the mutual investment potential in key areas such as energy, transport, free trade zones, healthcare, and agriculture. Iran is eager to attract Qatari investors, aiming for investments of at least $1 billion annually.
The meeting was a significant step in advancing the two countries’ economic relations, which have been facilitated by the Iran-Qatar Joint Economic Committee since its establishment in 1995. This long-standing partnership has led to numerous achievements, especially in water and electricity sectors.
Further, in late November 2024, Mohammad-Ali Dehghan Dehnavi, head of Iran’s Trade Promotion Organization (TPO), reiterated Iran’s goal of reaching $1 billion in annual trade with Qatar. However, he acknowledged challenges, particularly the limited nature of current trade, which is mostly focused on exports of fruits and food products. TPO aims to overcome these obstacles by developing a more strategic and cohesive approach to trade.
In response, Saleh Alkhulaifi, Qatar’s Deputy Industry and Commerce Minister, promised to address challenges in customs regulations to expedite the clearance of Iranian goods, as well as to simplify visa procedures for Iranian businessmen.
Both countries have signed multiple cooperation documents over the past year, covering a wide range of sectors, including trade, energy, and culture. Notably, in October 2024, six key agreements were signed during an official visit to Doha by Iranian President Masoud Pezeshkian, further bolstering the growing partnership.
The momentum in Iran-Qatar economic relations continues to build, with the potential for even greater cooperation in the future. Both sides are committed to translating agreements into tangible outcomes, ensuring sustained growth and regional stability.
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