Joint
Omani-Saudi Business Council Explores Cooperation Opportunities
Muscat,
30 Sep (ONA) — The Joint Omani-Saudi Business Council held a meeting on the
sidelines of the Omani-Saudi Franchise Exhibition to discuss aspects of
economic cooperation opportunities between the two countries.
The
meeting was co-chaired by Qais Mohammed Al Yousef, Minister of Commerce,
Industry, and Investment Promotion, and Dr. Saad Othman Al Qasabi, Governor of
the Saudi Standards, Metrology and Quality Organization (SASO). It was attended
by Faisal bin Abdullah Al Rowas, Chairman of the Oman Chamber of Commerce and
Industry (OCCI), Sheikh Ali Hamad Al Kalbani, Head of the Omani Side of the
Council, Abdulaziz Sami Al Ali, Head of the Saudi Side of the Council, and
several Council members.
During
the meeting, opportunities for cooperation between the two countries were
reviewed, along with a proposal to establish Omani-Saudi strategic partnerships
in several promising economic sectors. This collaboration aims to develop joint
investments, enhance integration in supply chains, and support the private
sector’s efforts to achieve the targets of Oman Vision 2040 and Saudi Vision
2030.
Qais
Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion affirmed
that the Council represents a crucial bridge for enhancing economic and
investment cooperation between Oman and Saudi Arabia. He noted that the volume
of trade exchange between the two countries reached RO 1.212 billion (equivalent
to $3.152 billion USD) by the end of June 2025, recording a 20.3 percent
increase compared to the same period last year.
He
explained that the Omani-Saudi partnership, built on strategic economic
integration, allows for increased investment in vital sectors and facilitates
the entry of Omani products into the Saudi market and vice-versa. He affirmed
the government’s support for all enablers and facilities that empower the
private sector to contribute to sustainable growth.
He
mentioned the adoption of mutual recognition of the certificate of origin
between the two countries, which helps streamline the flow of goods, unify
quality and conformity standards, and enhance industrial integration. He
stressed the importance of establishing the Omani-Saudi Joint Company and
encouraging joint exhibitions in the fields of franchising, real estate
development, and information technology, with a focus on investment in banking,
insurance, real estate, industrial, tourism, logistics, and mining sectors.
Al
Yousef emphasized that these joint initiatives and projects reflect the
commitment of both countries to achieving the goals of Oman Vision 2040 and
Saudi 2030, and enhance commercial and investment cooperation, contributing to
the prosperity of both peoples.
For
his part, Dr. Saad bin Othman Al Qasabi stated that the Omani-Saudi Business
Council is an important station in the journey of growing partnership between
the two countries. He noted that both countries have made significant strides
in economic integration to achieve their respective visions, which focus on
economic diversification.
He
mentioned that the trade exchange between the two countries is constantly
growing, reaching $34 billion by the end of 2024, and approximately $4 billion by
the end of the second quarter of 2025. He expressed aspirations to double
efforts to increase trade and investment exchange, empower the private sector,
establish commercial partnerships, and support entrepreneurship.
He
explained that there are promising opportunities for investment in the tourism,
mining, logistics, and industrial sectors, and work is currently underway to
develop supply chains and modern technology as effective channels for
developing economic relations, exploiting investment opportunities, and
enhancing trade exchange.
Meanwhile,
Faisal Abdullah Al Rowas, Chairman of the Oman Chamber of Commerce and Industry
(OCCI), said that the Joint Omani-Saudi Business Council meeting is part of
continuous efforts to strengthen the economic partnership and translate the
excellent relations into investment opportunities and qualitative projects that
enhance the empowerment of the private sector in both countries. He added that
the meeting comes at an important time, witnessing accelerated growth in
Omani-Saudi economic relations, driven by infrastructure development,
logistical connectivity via border crossings, and the integration of developmental
visions of the two countries.
Al
Rowas added that the OCCI constantly works to address challenges facing
investors and business owners, both through direct dialogue with competent
authorities and by preparing a more flexible and competitive business
environment. He stressed that the Chamber pays great attention to implementing
strategic directions in line with Oman Vision 2040 targets, focusing on
integrating efforts with Saudi Arabia, especially in promising sectors.
Sheikh
Ali Hamad Al Kalbani, Head of the Omani Side of the Council, clarified that the
Council represents a strategic opportunity to consolidate the bonds of economic
and commercial cooperation between the two countries. The Council has taken
important steps towards deepening partnerships between the private sectors in
Oman and Saudi Arabia, with joint sectoral committees working to enhance
available investment opportunities that support mutual interests.
He
added that the Council has worked to shape and frame ideas into joint plans and
projects, identifying all aspects, including challenges and obstacles facing
joint projects. He noted that these challenges are being resolved given the
strong desire of both countries to ensure the success and deepening of
investment partnerships, leading to economic integration.
Abdulaziz
Al Ali, Head of the Saudi Side of the Joint Omani-Saudi Business Council,
affirmed that the Council’s meeting, coinciding with the Franchise Exhibition
in Muscat, represents a significant milestone in embodying the aspirations of
the two countries’ leaderships to empower the private sector and enhance its
role in economic development. He noted the volume of trade exchange between
Saudi Arabia and Oman, explaining that the next phase requires enhancing
integration through sectoral committees and practical initiatives, particularly
in supporting SMEs and investing in youth capabilities.
He
indicated that there are ready opportunities for supply chain integration
between factories in both countries in the sectors of chemicals, aluminum,
copper, iron and steel, textiles, food industries, fertilizers, and machinery
and equipment.
He
affirmed that the Business Council is committed to converting these
opportunities into strategic investment projects that contribute to economic
diversification and raise competitiveness.
—Ends/AG
