Saudi Arabia and Qatar have signed a $100-billion deal that aims to boost their economies and boost regional stability, the country’s foreign minister said on Monday.
The deal, which will help boost trade between the two countries, came after Saudi Arabia’s king and crown prince signed a memorandum of understanding (MoU) to open a joint venture to explore and develop oil and gas in the kingdom’s vast Eastern Province.
The joint venture is intended to boost investment in Saudi Arabia-Doha and diversify the Saudi economy in a bid to help ease regional economic challenges.
The MoU is expected to boost the Saudi Arabian economy by $50 billion, according to the countrys minister of oil and natural gas.
Saudi Arabia has struggled to diversify its economy in recent years as it struggles to diversiate its export markets and as the economy has become dependent on imports from other countries.
The kingdom has struggled in recent months with a severe oil price slump that led to massive economic damage, which led to widespread protests and shortages of basic goods.