Thursday 09 / January / 2025
Muscat: An Omani trade delegation from the Oman Chamber of Commerce and Industry (OCCI) has concluded its visit to the Kingdom of Saudi Arabia, which included extensive field visits and meetings between Omani and Saudi business leaders, as well as efforts to establish trade partnerships between the two sides.
During the visit, the delegation toured the Riyadh Chamber of Commerce, where both parties explored ways to enhance commercial and economic cooperation between the two friendly nations. They reviewed Saudi Arabia's experiences with the Investor Voice Initiative, a key component of the National Investment Strategy that aims to convey investors' priorities and challenges, acting as a link between investors, the Ministry of Investment, and relevant entities. The Omani delegation also learned about the National Investment Strategy and its roadmap, aiming to improve the quality and volume of investment in the Kingdom, thereby contributing to economic development in line with Vision 2030.
The visit also included an exploration of the efforts of the General Secretariat of the Gulf Cooperation Council (GCC) and a visit to the Embassy of the Sultanate of Oman in Riyadh. His Excellency Sayyid Faisal bin Turki Al Said, Oman's Ambassador to Saudi Arabia, emphasized the importance of working towards Gulf integration, highlighting the need to market Oman more effectively through forums and gatherings for large manufacturers with products not available in the Saudi market. He noted that such events would enhance trade exchanges and increase Omani exports. The Ambassador also stressed the importance of unifying efforts with various governmental and private institutions, working with the embassy to promote Oman and its provinces in particular. He stated that these efforts would help build strategic partnerships that contribute to the development of the national economy.
The delegation visited the Small and Medium Enterprises General Authority (Monsha'at), where members received a comprehensive introduction to the authority, whose goals include organizing, supporting, and nurturing the small and medium enterprises sector in the Kingdom, following best global practices to boost productivity and increase their contribution to the local economy.
The delegation learned about the authority's mechanisms for preparing, implementing, and supporting programs and projects aimed at fostering a culture of entrepreneurship and innovation, diversifying financial support sources for enterprises, stimulating venture capital initiatives, and providing administrative and technical support to enhance the capabilities of enterprises in management, finance, marketing, human resources, and more. The visit also included meetings between Omani and Saudi business leaders to closely understand the sectors in which they operate and share their successful experiences.
Additionally, the delegation participated in the annual business community gala organized by the Riyadh Chamber of Commerce, held at the Riyadh International Convention and Exhibition Center. The event was attended by over 4,000 individuals, including ministers, senior officials from both the public and private sectors, as well as business leaders and representatives of accredited diplomatic missions in the Kingdom.
The participation aimed to enhance communication among business leaders and exchange views on economic issues. The occasion also featured fruitful discussions between Omani and Saudi representatives regarding trade relations and economic cooperation, exploring ways to strengthen commercial ties between the two countries.
Engineer Said bin Ali Al Abri, Chairman of the Oman Chamber of Commerce and Industry Branch in North Al Batinah, stated in a press release to the Oman News Agency that the Omani trade delegation's visit to Saudi Arabia yielded fruitful results. The delegation conducted diverse visits to existing projects and institutions supporting entrepreneurship, with the Saudi side expressing a strong desire to establish partnerships with Oman. Several ideas were proposed to address the challenges faced by Omani exporters to Saudi Arabia.
Al Abri added that preliminary memorandums of understanding were signed between members of the Omani delegation and Saudi business leaders, paving the way for future cooperation. The delegation also had the opportunity to learn about strategic plans and agreements related to the General Secretariat of the GCC, as well as insights into investment mechanisms in Saudi Arabia and the main incentives offered. This visit opened new horizons and provided diverse knowledge, including understanding how to start small and micro enterprises, along with innovation labs focusing on artificial intelligence, cybersecurity, the Internet of Things, and data analytics. Discussions also covered how to leverage traditional projects and convert them into sustainable, environmentally friendly initiatives.
The visit to the Riyadh Chamber and the bilateral meetings with Saudi counterparts provided an opportunity to strengthen cooperation and highlight the investment mechanisms and incentives offered by both Oman and Saudi Arabia. The delegation also visited the General Secretariat of the Gulf Cooperation Council to learn about key strategic plans and agreements among member states, including the common Gulf market, and to discuss challenges facing Omani companies.
Ahmad bin Salmeen Al Kamshaki, a board member of the Oman Chamber of Commerce and Industry Branch in North Al Batinah, noted that the visit achieved its intended outcomes and strategic goals to strengthen economic, commercial, and investment relationships between Oman and Saudi Arabia. He emphasized the keen interest shown by the Saudi side and their sincere desire for mutual cooperation. He pointed out that such visits contribute to acquiring and transferring expertise to Oman, paving the way for a promising economy capable of competing globally.
