His Excellency Khalifa Shaheen Al Murr, Minister of State at the Ministry of Foreign Affairs and International Cooperation of the UAE has stated that the Emirates is the largest trading partner of the Sultanate of Oman at the global level.
HE Al Murr said that cooperation between Oman and the UAE will enhance promising economic and investment opportunities by facilitating procedures for investors, industrialists, and business people in the fields of industry, advanced technology, future industries, and sustainable industries.
“The signing of 16 memoranda of understanding (MoUs) during the visit of UAE President Shaikh Mohammed bin Zayed al Nahyan to the Sultanate of Oman, which covered various sectors like rail transport, space, medicine agricultural technology, and aviation, is an indication of support for cooperation and coordination,” HE Al Murr further noted.
As per the statement, both countries are working to enhance trade and investment activities and develop partnerships across many vital economic sectors, including energy, renewable energy, water solutions, financial services, logistical support, construction, real estate, and entrepreneurship.
The value of non-oil trade exchange between the two countries in 2021 amounted to more than $12 billion (46 billion dirhams), a growth of 9 percent compared to 2020, which makes the Sultanate of Oman the second largest Gulf trading partner of the UAE, with 20 percent of its total trade with the Gulf Cooperation Council countries.
The average growth in the two countries trade over the previous five years was about 10 percent, according to statistics revealed during the second session of the UAE-Oman Economic Forum, which was held last February in Dubai.