Oman, Saudi Arabia Discuss Ways to Enhance Business Opportunities, Industrial
Integration
Muscat, 26 Aug (ONA) — Acting in cooperation with the Saudi
Export Development Authority, the Ministry of Commerce, Industry and Investment
Promotion today organized bilateral meetings in Muscat between entrepreneurs operating
Omani factories and their Saudi counterparts.
The meetings focused on vital sectors—including the construction
sector, the food security sector, the packaging sector and the medical sector.
The two sides discussed ways to enhance economic, commercial and
investment relations between the Sultanate of Oman and the Kingdom of Saudi
Arabia. They elaborated on means of enhancing cooperation between the two
countries’ private sectors, notably by developing existing projects and
engaging owners of Omani and Saudi factories and business enterprises.
The meetings stem from ongoing coordination between the two
countries with the aim of exploring viable investment opportunities and
outlining the factors that are needed to enhance bilateral trade in a manner that serves
the common interests and supports economic growth in line with Oman Vision
2040 and Saudi Vision 2030. Both visions share common goals and ambitions to
diversify the economy, activate innovation and promote investments in vital
sectors.
As part of the meetings, Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and
Investment Promotion, conferred with the participating Saudi trade delegation. The
minister stressed the depth of bilateral relations between the Sultanate of
Oman and the Kingdom of Saudi Arabia. He laid emphasis on the significance of such
bilateral meetings in consolidating economic, commercial and industrial
cooperation between the two countries.
Al Yousef explained that the Ministry attaches great importance to establishing
a business environment that attracts joint investments in a manner that paves the way for the implementation
of quality projects, enhances industrial integration and supports the two
countries’ efforts to achieve the goals of “Oman Vision 2040” and
“Saudi Vision 2030.”
Eng. Khalid Salim Al Qassabi, Director General of Industry at the
Ministry of Commerce, Industry and Investment Promotion, said, “These meetings constitute an important platform for implementing the objectives of
the Industrial Strategy.”
Al Qassabi pointed out that cooperation with the Kingdom of Saudi
Arabia opens up vistas for building quality industrial partnerships and
developing projects that are capable of competing regionally and
internationally. “These meetings pave the way for sustainable
industrial integration that enhances the added value of national products and leverages
innovation and modern technologies—thus consolidating Oman’s position as a
promising industrial hub in the region,” he explained.
The meetings saw the signing of memoranda of cooperation between
Omani companies and their Saudi counterparts. The agreements seek to develop
strategic partnership, exchange expertise and open up new
markets for national products. The agreements help consolidate industrial
integration and augment trade exchange between the two countries.
It is worth noting that the volume
of trade exchange between the Sultanate of Oman and the Kingdom of Saudi Arabia
posted a growth of RO 2.18 billion by the end of December 2024. Omani industrial
exports to the Kingdom of Saudi Arabia saw 35.7 percent growth—equivalent
to RO 538 million—by the end of the first half of 2025, compared to the corresponding
period in 2024.
— Ends/Bishara/AG
