Friday 08 / November / 2024
Muscat: The capital city, Muscat is decked up with Oman and UAE flags to welcome His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE).
He will pay a two-day state visit to the Sultanate of Oman from today. The UAE President’s visit will allow Oman and the UAE to reinforce their burgeoning economic relations and to explore opportunities for increased collaboration in a number of sectors, including finance and industry, as well as emphasising the importance of youth and culture to the future progress of both countries.
The visit will also cement the two nations’ shared vision for a secure and stable region that promotes sustainable development and supports a thriving economy in which people can realise their full potential. The two countries share social and cultural relations that extend deep into history.
Oman is one of the most important trading partners of the UAE. The value of Oman’s total exports to the UAE, amounted to OMR1.3 billion in 2021, compared to OMR1.2 billion in 2020. Oman’s exports to the UAE constituted 7.8 percent of the total country’s exports in 2021.
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. Oman and the UAE share a strategic trade partnership that supports the economies of the two countries and fosters investment opportunities between them, with agreements and memoranda of understanding covering financial and real estate activities, as well as agriculture, fishing and animal products, to name a few.
The Embassy of Oman in Abu Dhabi has contributed to attracting and exchanging investments between the two countries, based on the directives of His Majesty Sultan Haitham bin Tarik, by launching the national programme on attracting private investments and enhancing Omani exports in foreign markets.
