STAFF REPORTER
MUSCAT, SEPT 26
The relations between the Sultanate of Oman and the United Arab Emirates (UAE) are based on common and solid foundations and the deep-rooted relations have been further consolidated through cultural, social and economic cooperation.
A sizable chunk of Omani imports and exports are routed through the UAE, underscoring the importance of Oman’s northern neighbour as a gateway for trade with the wider world.
Bilateral trade between the two fraternal neighbours touched RO 5.5 billion in 2021, comprising RO 1.3 billion in Omani exports and RO 4.2 billion of imports. Investment from UAE into Oman stood at RO 1.207 billion in 2021. Over 3,000 UAE companies are currently operating in the Sultanate of Oman, majority of them are concentrated in commercial, construction, industry, real estate, services and transport sectors. This compares with commercial exchange of around RO 5.2 billion in 2020.
JOINT COOPERATION
Economic and commercial relations account for a relatively modest share of the multifaceted bilateral relationship that the two countries enjoy. This was reiterated at the high-profile second Oman-UAE Economic Forum which was held in Dubai earlier this year. Taking place on the sidelines of Oman’s participation in Expo 2020 Dubai, the forum discussed consolidation of economic partnership between the business communities in the two countries to serve the economic relations, commercial exchanges, investments and programmes of cooperation at government and private levels. Deliberations during this three-day forum focused on developing business partnerships in sectors such as innovation, renewable energy, water solutions, financial services, logistics support, construction, real estate and entrepreneurship. Bilateral meetings were held between major Omani and Emirati multinationals to discuss opportunities for joint cooperation and business facilitation.
