RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan and his Omani counterpart, Sayyid Badr Al-Busaidi, co-chaired the inaugural meeting of the Saudi-Omani Coordination Council on Monday in Muscat.

Prince Faisal highlighted the efforts by the leaderships of both countries to enhance the bilateral relationship and said: “The formation of the coordination council is a testament to our shared vision,” the Saudi Press Agency reported.

“It is a platform that harnesses our collective potential with the goal of maximizing mutual benefits and interests.”

He also emphasized the importance of continuing coordination on bilateral, regional and international issues, together with improved political consultation in areas of mutual interest.

Saudi Arabia is Oman’s third-largest trading partner and the second-largest destination for Omani exports. The total value of bilateral trade increased by 245 percent in the past year, and was worth nearly $22 billion over the past five years.

During the meeting on Monday, participants highlighted the work of the coordination council and its subcommittees on political, security, economic and investment issues as being critical to enhanced cooperation. Efforts to combat terrorism, protect waterways and promote renewable and clean energy initiatives were also identified as key priorities.

Already, it was noted, meetings of the council’s subcommittees have resulted in the adoption of 55 initiatives designed to enhance cooperation in various sectors. Prince Faisal said he looked forward to the Kingdom hosting the second meeting of the council, the date for which has yet to be set.

The council, which was established in 2021, includes five subcommittees that between them cover a wide range of issues including political, diplomatic, security, judicial, cultural, media, tourism, social development, economic, trade, industry, energy, investment, the environment, and infrastructure.