Stage set for new era in Oman-Saudi trade

Riyadh: The stage is set for a new era of prosperity and strategic cooperation between Oman and Saudi Arabia that will take both nations to a new level.

With the volume of Saudi investments registered in Oman amounting to OMR1.477 billion, both the countries are now looking at more areas of investments.

The Oman-Saudi Business Council held its 4th meeting for 2022 at Riyadh on Wednesday.

The meeting aims to boost business relations and address challenges facing the private sectors of the two countries, as well as review establishing joint projects.

The Omani side was headed by Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, while the Saudi side was headed by Eng. Khalid Al Falih, Minister of Investment.

During the meeting, the website of the Oman-Saudi Business Council was also launched. The website aims to highlight the activities of the council and investment opportunities in the two countries.

The meeting reviewed the initiative of establishing the Saudi Franchise Exhibition. It also discussed the issue of operating the Empty Quarter border checkpoint for truck movement 24×7 and allowing transit.

The council’s meeting also covered the issue of facilitating the entry of Omani products into Saudi markets.

Several B2B meetings were held on the sidelines of the council’s meeting between Omani and Saudi businesspersons.
Eng. Ridha Juma Al Saleh, Chairman of the Board of Directors of Oman Chamber of Commerce and Industry (OCCI), said that indicators show a continued rising curve in trade exchange between the Sultanate of Oman and the Kingdom of Saudi Arabia (KSA).

Al Saleh added that trade exchange by the end of May 2022 reached RO1.009 billion between the two countries.
In his turn, Sheikh Ali Hamad Al Kalbani, Head of the Oman-Saudi Business Council (Omani side), affirmed the keenness of the two countries’ private sectors to contribute to economic integration.

Eng. Tariq Mohammed Al Haidari, First Vice President of the Federation of Saudi Chambers of Commerce, said the council will play a leading role in bolstering economic partnerships by implementing an action programme that prepares a suitable milieu for the enhancement of economic cooperation between businesspersons of the two countries.

Moreover, Nasser Said Al Hajri, Head of the Oman-Saudi Business Council (Saudi side), indicated that Saudi Arabia is keen to achieve greater and broader cooperation in the field of investment and attract Omani investors to invest in the KSA.

Al Hajri added that six specialised sectoral committees stemmed from the Oman-Saudi Business Council, including the fields of energy and mining, food security, technology, logistics, industries and construction and services.