Dubai: The 2nd Oman-UAE Economic Forum was held held at Dubai Chamber of Commerce and Industry on Thursday. The forum, which was held on the sidelines of the Sultanate of Oman’s participation in Expo 2020 Dubai, discussed the consolidation of economic partnership between the business communities in the two countries in manner that serves economic relations, commercial exchange, investments and programmes of cooperation at government and private levels.
The forum focused on developing partnerships in various vital sectors, including innovation, renewable energy, water solutions, financial services, logistics, constructions, real estate and entrepreneurship.
Abdullah Tauq Al Marri, Minister of Economy in the United Arab Emirates (UAE), said that the Sultanate of Oman is the second largest GCC trade partner of the UAE, harnessing 20 per cent of UAE’s total trade. Oman ranks third among Arab states and 10th among major international trade partners of the UAE, said Al Marri, noting that the value of non-oil commercial exchange between the two countries in 2021 stood at more than AED 46 billion, a growth by 9 per cent over its value in 2020.
Al Marri added in a speech before the 2nd Oman-UAE Economic Forum that hotel establishments in the UAE received more than 256,000 guests from Oman in 2021, constituting a growth rate of 32 per cent over the figures in 2020. This is an additional indicator for the rebound of tourist and commercial activity, Al Marri affirmed.
Meanwhile, Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, said that the forum is considered a step forward in the march of Oman-UAE economic relations. He described the UAE as the most important importer of Omani non-oil exports and that it occupies second place in the list of Oman’s re-export destinations.
The minister said that the volume of commercial exchange stood at more than RO 4 billion in 2020 compared to RO 3.7 billion in 2010.
As many as 3,507 UAE firms had investments in Oman in 2021, with an aggregate capital of more than RO 590 million, mostly in construction, trade and services.
On his turn, Dr Thani Ahmed al Zeyoudi, UAE Minister of State for Foreign Trade, said that direct investments between the two countries stood at more than RO 1.6 billion, with 85 per cent investments flowing into Oman from the UAE. — ONA
