RIYADH: Oman and Saudi Arabia signed three agreements on trade, legal services, and manufacturing to strengthen economic cooperation and private sector collaboration.
The deals, announced at the Omani-Saudi Business Forum in Muscat, include plans for a cloud-based warehouse and inventory management system, specialized legal consultations for the Omani market, and a gold and jewelry manufacturing facility in the country.
This comes as economic ties between the two nations continue to grow, with bilateral trade reaching 2.18 billion Omani rials ($5.65 billion) by December and 1,496 Saudi-partnered companies operating in Oman.
Omani Minister of Industry and Investment Promotion Qais bin Mohammed Al-Yousef highlighted this growth during the forum, emphasizing its role in enhancing bilateral cooperation.
The event featured working papers from both sides, with Oman showcasing strategic projects and investment opportunities, while Saudi Arabia outlined its investment framework and industries that are driving economic diversification.
Key sectors highlighted during the forum included real estate development, mining, and industry. Oil and gas, logistics, and health were also major focus areas. Additionally, information technology, finance, insurance, retail, and food security were emphasized.
Faisal Abdullah Al-Rowas, chairman of the Oman Chamber of Commerce and Industry, underscored the forum’s role in unlocking new trade and investment opportunities. He noted that the Rub Al-Khali border checkpoint has significantly facilitated cross-border trade and investment flows.
Discussions also focused on expanding export and import operations through the Rub Al-Khali port, as well as enhancing trade exchange and private sector cooperation, particularly in existing projects.
Sheikh Ali bin Hamad Al-Kalbani, head of the Omani side of the business council, stressed that the body aims to strengthen communication between the private sector and government agencies in both countries. He highlighted its efforts to support mutual investments, address challenges faced by investors, and explore new opportunities.
On the Saudi side, Nasser bin Saeed Al-Hajjri emphasized that cooperation between the two nations supports sustainable development and enhances investment opportunities across various sectors in line with Saudi Vision 2030 and Oman Vision 2040.
During the forum, Oman presented several working papers and presentations on key goods, partnerships, and strategic projects between the two countries. Saudi Arabia, in turn, outlined its investment system and the vital sectors driving economic diversification.
On the sidelines of the event, business-to-business meetings were held to explore opportunities for joint investments and trade partnerships, as well as ways to enhance bilateral trade exchange.
