Omani-Saudi trade exchange sees a massive 219% increase

Oman Thursday 02/February/2023 11:06 AM
By: Times News Service
Omani-Saudi trade exchange sees a massive 219% increase
The activities of the Omani-Saudi Industries Exhibition licked off in Riyadh on Tuesday evening..

Riyadh: The volume of trade exchange between Oman and Saudi Arabia has seen a massive 219 percent increase between the two countries until September 2022 compared to 2021, said Qais Mohammed Al Yousef, Oman's Minister of Commerce, Industry and Investment Promotion (MoCIIP).

This was stated by the minister while addressing the Omani-Saudi Investment Forum, being held in Riyadh on Wednesday. The forum also discussed means of enhancing the long-term economic partnership between the two countries in investment and industrial sectors.

During his speech Al Yousef pointed out that the volume of Omani non-oil exports to Saudi Arabia until September 2022 amounted to more than OMR659 million, up by 33.98 percent from 2021, and the volume of Saudi imports to Oman increased to more than OMR1.27 billion until September 2022.

Eng. Khalid Abdulaziz Al Falih, Minister of Investment in the Kingdom of Saudi Arabia, stressed the importance of the private sector’s role in Oman and Saudi Arabia in pushing the wheel of development forward as it acts as an active partner and contributor to the development of the economic, investment and trade sectors between the two countries.

He affirmed that the Saudi government is keen to strengthen and develop investment relations with Oman, noting that the volume of trade exchange between the two countries during the first half of 2022 reached SAR11.392 billion.

Other activities of the forum included dialogue sessions to review prospects for promising investment sectors between the two countries. These sectors include opportunities for integration in renewable energy and supply chains, tourism and real estate development, and other activities of common interest, which contribute to advancing and accelerating investment flows between the two sides.

At the sidelines of the forum, B2B meetings were held between representatives of the private sector in the two countries. The meetings discussed opportunities for cooperation and partnership and reviewed the available investment opportunities in the two countries.

The opening of the forum was attended by Dr. Ali Masoud Al Sunaidi, Chairman of the Public Authority for Special Economic Zones and Free Zones, His Highness Sayyid Faisal Turki Al Said, Ambassador of Oman to Saudi Arabia, Faisal Abdullah Al Rawas, Chairman of Oman Chamber of Commerce and Industry, some officials from the private sector in the two countries, as well as Omani and Saudi business people. - With inputs from ONA