Muscat: The United Arab Emirates (UAE) is the largest trading partner of Oman, Khalifa bin Shaheen al Murr, Minister of State at the Ministry of Foreign Affairs and International Cooperation of the UAE, said in a statement to ONA on Saturday.
He said that cooperation between the Sultanate of Oman and the United Arab Emirates will enhance promising economic and investment opportunities by facilitating procedures for investors, industrialists and business people.
He said that the signing of 16 memoranda of understanding during the visit of UAE President Shaikh Mohammed bin Zayed al Nahyan to the Sultanate of Oman, which covered various sectors like rail transport, space, medicine agricultural technology and aviation, is an indication of support for cooperation and coordination.
He pointed out that the agreement to establish Oman and Etihad Rail Company, owned equally by two countries, was worth $3 billion. The partnership agreement signed between the Oman Investment Authority and the UAE Holding Company, worth about RO 1 billion, aims at the two countries’ keenness to deepen and expand bilateral relations to promote growth in vital and priority sectors.
The value of non-oil trade exchange between the two countries in 2021 amounted to more than 46 billion dirhams, a growth of 9 per cent compared to 2020, which makes the Sultanate of Oman the second largest Gulf trading partner of the UAE, with 20 per cent of its total trade with the Gulf Cooperation Council countries.
The average growth in the two countries’ trade over the previous five years was about 10 per cent, according to statistics revealed during the second session of the UAE-Oman Economic Forum, which was held last February in Dubai.
Both countries are working to enhance trade and investment activities and develop partnerships across many vital economic sectors, including energy, renewable energy, water solutions, financial services, logistical support, construction, real estate and entrepreneurship.
The cultural and social relations between the two countries are intertwined and deep, reaching the level of family relations and the sharing of customs, costumes and the arts as a result of shared history and geographical contact.
