QBA Signs MoU With NUMOV To Promote Investment Opportunities in Qatar and Germany

The Qatari Businessmen Association (QBA) has signed a memorandum of understanding with the German Near and Middle East Association (NUMOV) to promote investment opportunities in both countries.

The MoU which was signed by HE Sheikh Faisal bin Qassim al-Thani, chairman of QBA, and Joann Erich Wilms, chairman of NUMOV aims to strengthen economic relations between the two countries by promoting trade, industry, investment, and technical co-operation among the members of both organisations.

Through this agreement, signed in the presence of German ambassador Hans-Udo Muzel, both sides will work to identify suitable investment opportunities in Germany and Qatar and present them to affiliated companies.

Emphasising the importance of co-operating with Germany as a trusted and strategic partner for Qatar; Sheikh Faisal said German companies have played a vital role in supporting Qatar's industrial development and technological modernisation.

Highlighting that the Qatari private sector holds various investments in Germany across sectors such as tourism, retail, and technology; he said the QBA members have established several partnerships with German companies in the local market across diverse productive economic sectors.

"There are promising opportunities for Qatari German co-operation in numerous sectors, including renewable energy, sustainable infrastructure, logistics, education, smart technologies, pharmaceuticals, and more," according to him.

The German envoy emphasised the strong economic relations between Doha and Berlin, highlighting the significant role of trade and investment.

He said Qatar is Germany’s third-largest trading partner in the Gulf region and that Doha through the Qatar Investment Authority and private investors holds significant stakes in major German companies such as Volkswagen, RWE, Deutsche Bank, and CureVac, among others.

The ambassador also stressed the close co-operation between German companies and businesses affiliated with QBA members in sectors such as luxury automobiles, Siemens, technology, and tourism.

Silvio Konrad, head of the German delegation, stated that Germany enjoys a long-standing and robust relationship with Qatar. He highlighted that TUV NORD Group has numerous partners in the Middle East, including in Qatar, which opens the door to expanded partnerships particularly in the technology sector.

Pointing out that the German delegation includes representatives from leading companies in the fields of information technology, artificial intelligence, communications, energy, and resources; he said these companies are eager to explore new opportunities in Qatar and the region and to strengthen economic ties with the Qatari private sector.

Apart from Sheikh Faisal, Qatar's side included board members Sheikh Nawaf bin Nasser al-Thani and Saud al-Mana; and QBA members Sheikh Mansour bin Jassim al-Thani, Salah al-Jaidah, Khalid al-Mannai, Nasser al-Haidar, Maqbool Khalfan, Hakan Ozmir, and Ihsan al-Khaimi. Also Sheikh Turki bin Faisal al-Thani, managing director of Al Jazi Real Estate Investment, attended the meeting as well as Sarah Abdullah, QBA deputy general manager.