Friday 21 / February / 2025
Muscat: The Omani-Saudi Business Forum discussed means of enhancing the economic, trade and investment relations between the two countries , in a meeting held in Muscat on Wednesday.
It also explored opportunities to augment trade exchange and promote cooperation in the private sector in both countries, especially in existing projects.
The forum laid emphasis on several vital sectors, including real estate development, mining, industry, oil and gas, logistics, health, information technology, finance, insurance, retail and food security.
Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, said that the forum represents an important bridge to enhance cooperation between the Sultanate of Oman and the Kingdom of Saudi Arabia in various fields.
He added in his speech that the volume of trade exchange between the two countries is witnessing a remarkable growth, as it reached OMR2.180 billion by the end of December 2024, and the number of companies with Saudi participation in the Sultanate of Oman reached 1,496.
In his turn, Faisal Abdullah Al Rowas, Chairman of the Board of Directors of Oman Chamber of Commerce and Industry (OCCI) affirmed that the forum is a vital platform to explore new opportunities and enhance trade and investment partnerships.
He stressed in his speech that statistical indicators show a significant increase in the growth of trade exchange between the two countries, pointing out that the Rub-al-Khali (Empty Quarter) border checkpoint that connects the two countries has contributed to facilitating the movement of trade and the flow of goods and services in addition to enhancing joint investments between the two sides. Meanwhile, 3 cooperation agreements between a number of Omani and Saudi companies were inked during the forum.
They pertain to establishing a warehouse and inventory management system based on cloud services, providing specialised legal consultations in the Omani market, and establishing a factory for manufacturing gold and jewellery in the Sultanate of Oman.
During the forum, the Omani side presented several working papers and presentations on the most important goods, partnerships and strategic projects between the Sultanate of Oman and the Kingdom of Saudi Arabia.
In its turn, the Saudi side presented working papers on the investment system in Saudi Arabia and the vital sectors to enhance economic diversification and facilitate business practice for investors.
B2B meetings were held on the sidelines of the forum. They reviewed opportunities for joint cooperation and investment projects, in addition to discussing means of enhancing trade exchange between the two sides.
