Oman, Saudi Arabia discuss trade and industrial integration
Published: 04:12 PM,Dec 25,2024 | EDITED : 08:12 PM,Dec 25,2024
Trade between Oman and Saudi Arabia surpassed RO 1 billion in the first half of 2024
Muscat: The Minister of Commerce, Industry, and Investment Promotion, Qais bin Mohammed Al Yousef, held a meeting yesterday with Engineer Khalil bin Ibrahim bin Salamah, Deputy Minister of Industry and Mineral Resources for Industry Affairs from Saudi Arabia.
The discussion took place at the ministry's headquarters in Muscat and focused on strengthening bilateral trade and industrial relations between the two nations.
The meeting primarily addressed opportunities to enhance trade and industrial integration between Oman and Saudi Arabia. Key areas of discussion included ways to enhance exports, optimize supply chains, and address challenges faced by exporters, in alignment with Oman’s Vision 2040 and Saudi Arabia’s Vision 2030.
The meeting was attended by Dr Saleh Said Masn, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, Ibrahim Saad Bishan, Ambassador of the Kingdom of Saudi Arabia to the Sultanate of Oman, Eng. Abdulrahman al Thukair, CEO of the Saudi Export Development Authority, Eng. Al Badr Fouda, Deputy Minister of Industry and Mineral Resources for Industrial Development of Saudi Arabia, Abdullah Mohammed al Sadhan, Vice Governor of the Saudi Zakat, Tax and Customs Authority for Operations and several officials from both sides.
According to data from the National Centre for Statistics and Information, trade between Oman and Saudi Arabia surpassed RO 1 billion in the first half of 2024. Oman’s key exports to Saudi Arabia included mineral products, metals, and machinery, while mineral products, chemicals, and food were the leading imports from the Kingdom.
Furthermore, Saudi investments in Oman have increased by over 50% since 2021, marking a significant enhancement of bilateral economic relations.
Earlier statements from Engineer Sultan bin Abdul Rahman al Murshid, CEO of the Saudi Fund for Development, revealed that the total funding provided by the Saudi Fund for Development in the Sultanate of Oman exceeded RO 1.1 billion as of 2023.
This included an agreement to finance the construction of infrastructure in the integrated economic zone in al-Dhahirah, a project jointly developed by Oman and Saudi Arabia, valued at RO 120 million.
The discussion took place at the ministry's headquarters in Muscat and focused on strengthening bilateral trade and industrial relations between the two nations.
The meeting primarily addressed opportunities to enhance trade and industrial integration between Oman and Saudi Arabia. Key areas of discussion included ways to enhance exports, optimize supply chains, and address challenges faced by exporters, in alignment with Oman’s Vision 2040 and Saudi Arabia’s Vision 2030.
The meeting was attended by Dr Saleh Said Masn, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, Ibrahim Saad Bishan, Ambassador of the Kingdom of Saudi Arabia to the Sultanate of Oman, Eng. Abdulrahman al Thukair, CEO of the Saudi Export Development Authority, Eng. Al Badr Fouda, Deputy Minister of Industry and Mineral Resources for Industrial Development of Saudi Arabia, Abdullah Mohammed al Sadhan, Vice Governor of the Saudi Zakat, Tax and Customs Authority for Operations and several officials from both sides.
According to data from the National Centre for Statistics and Information, trade between Oman and Saudi Arabia surpassed RO 1 billion in the first half of 2024. Oman’s key exports to Saudi Arabia included mineral products, metals, and machinery, while mineral products, chemicals, and food were the leading imports from the Kingdom.
Furthermore, Saudi investments in Oman have increased by over 50% since 2021, marking a significant enhancement of bilateral economic relations.
Earlier statements from Engineer Sultan bin Abdul Rahman al Murshid, CEO of the Saudi Fund for Development, revealed that the total funding provided by the Saudi Fund for Development in the Sultanate of Oman exceeded RO 1.1 billion as of 2023.
This included an agreement to finance the construction of infrastructure in the integrated economic zone in al-Dhahirah, a project jointly developed by Oman and Saudi Arabia, valued at RO 120 million.