BUSINESS REPORTER
Bilateral trade between Oman and Saudi Arabia nearly doubled over the past decade to reach RO 960 million at the end of 2020, up from RO 506 million in 2010.
Of the total for 2020, Oman’s exported RO 548 million worth of commodities and goods to Saudi Arabia against RO 411 million worth of imports from the latter.
According to Oman’s Ministry of Commerce, Industry and Investment Promotion, as many as 1,235 Saudi firms are currently operating in the Sultanate, up from 467 in 2010. Saudi investment in the Sultanate mainly focuses on trade, construction and services.
Significantly, Saudi Arabia is also a strategic partner in a number of economic projects established in the Sultanate. The list includes Khazaen Economic City, Salalah-2 Independent Power Project, Salalah Independent Water Project, United Power Company (Manah IPP), Ibri-II solar-powered IPP, and Saudi Fund for Development.
On Sunday, a high-level delegation led by Saudi Arabia’s Investment Minister, Khalid al Falih, arrived on a three-day visit aimed at strengthening economic ties and mutual investments between the two nations.
Yesterday, a number of agreements were signed by Saudi and Omani companies on the sidelines of an investment forum organised on the occasion.
