Oman, Saudi Arabia trade ties to see huge economic integration

Oman Monday 30/August/2021 23:07 PM
By: Times News Service

Muscat: Oman and Saudi Arabia have decided to collaborate in various sectors like oil and gas, renewables, infrastructure, transport, logistics, IT, mining, tourism, and health.

Available economic and investment opportunities in the Sultanate and Saudi Arabia were explored during the Omani-Saudi Investment Forum organised by the Ministry of Commerce, Industry and Investment Promotion in collaboration with Oman Investment Authority (OIA), the Public Authority for Special Economic Zones and Free Zones (OPAZ) and Oman Chamber of Commerce and Industry (OCCI) on Monday.

The aim of the forum, held at Oman Convention and Exhibition Centre, is to reach agreements and partnerships between Omani and Saudi firms.

During the forum, Qais Mohammed Al-Yousef, Minister of Commerce, Industry and Investment Promotion, said that the existing investment structures provide an attractive environment for promising projects. These factors affirm the existence of suitable opportunities for entrepreneurs and investors from Saudi Arabia to enter into partnerships with their Omani counterparts.

Al-Yousef pointed out that Saudi investors get the same treatment as Omani investors and that the Ministry will provide technical support and other services to help accelerate steps towards the conclusion of deals for each individual investor.

Al-Yousef said that Oman and Saudi Arabia seek to achieve prosperity for their citizens and that this partnership, based on solid grounds of integrated action, constitutes an opportunity for the two countries’ people.

Eng. Khalid Abdulaziz Al-Falih, Saudi Minister of Investment, said that the forum benefits from the development approaches of both countries and respond to the objectives of Saudi Vision 2030 and Oman Vision 2040. Both visions, he observed, roll out a broad range of investments and strategic partnerships.

Al-Falih pointed out that the volume of target investments in Saudi Vision 2030 stands at 12 trillion Saudi Riyals while Oman Vision 2040 targets raising the percentage of foreign investments in the Gross Domestic Product (GDP) by 10 per cent and raising the contribution of non-oil sectors to the GDP by 90 per cent.

The investment forum, he said, seeks to float more joint ventures in different services and industries in the fields of oil, gas, renewable energy, infrastructure, transport, logistics, information technology, mining, tourism, health and other sectors.

Eng. Ridha Juma Al Saleh, Chairman of OCCI, affirmed that the forum aims at establishing commercial and economic partnerships in target sectors stated in Oman Vision 2040 and Saudi Vision 2030, and he pledged the support of the OCCI to the joint endeavours.

After the speeches, bilateral sessions were held by counterparts from both countries and working papers were reviewed. The first working paper dealt with the Omani and Saudi visions.

The second working paper, titled “Invest in Oman”, reviewed the investment opportunities in the Sultanate and the supporting infrastructure in terms of airports, seaports, free zones, industrial estates and the business hubs’ vicinity to international trade routes.