Oman, Saudi Arabia embark on a new era of Economic & Investment ties

By Amirtha P S, Desk Reporter
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Oman and Saudi Arabia, led by His Majesty Sultan Haitham Bin Tarik and the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, respectively, are set for a new stage of economic and investment cooperation in all fields.

Earlier this year, the two countries reaffirmed their plans to engage in joint investment in advanced technologies, innovation, renewable energy projects, industry health, real estate, tourism, petrochemical converting industries, supply chains, logistics partnership, information technology and financial technology.

The achievements made by Saudi Arabia and Oman over the last five months reflect the keen desire of the two countries to work together. This includes the establishment of the Omani-Saudi Investment Forum held last August in Muscat, in which a number of agreements were signed between business persons.

The Omani-Saudi Businessmen Council held a meeting in August with a view to accelerating integration in commercial, investment and economic fields.

Eng. Ridha Jumaa Al Saleh, Chairman of Oman Chamber of Commerce and Industry (OCCI), said that the visit of HRH Prince Mohammed bin Salman Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defence of Saudi Arabia to Oman, assumes great significance and will reflect positively at various levels.

In a statement, Mr. Al Saleh said that the visit consolidates the ties of affinity and serves the two countries’ interests and status in the regional and international arenas.

Oman and Saudi Arabia constitute basic pillars in the GCC region and they carry strategic weight towards advancing joint Arab action, said Mr. Al Saleh, noting that the two countries share identical views towards domestic development and that their visions are enshrined in Oman Vision 2040 and Saudi Vision 2030.

Statistics point to an upward rise in commercial exchange, which doubled from 2010 to 2020. Figures for the first quarter in 2021 show a 14.89 percent increase in commercial exchange, compared to the corresponding period last year.

Further, Mr. Al Saleh explained that the private sector in both countries looks forward to better commercial exchange, a matter accorded the attention of the two countries’ leaderships. The overall aim is to reach a stage of economic integration, which will get a spur through the opening of the Omani-Saudi desert highway.

Saudi Arabia occupies second place in the list of importers of Omani non-oil products, fourth place in re-export and fifth place in the list of countries from which the Sultanate imports products. The Kingdom occupies a fourth place at the world level in terms of importers of Omani fisheries.

The Kingdom is one of Oman’s topmost strategic partners and it played a major role in the establishment of Khazaen in 2018, Ibri Energy Projects and Salalah Solar and Water Desalination Plants, Mr. Al Saleh said.

Related: Oman Investment Authority unveils 13 development projects worth $9bn