MUSCAT: Trade between the Sultanate of Oman and the brotherly Kingdom of Saudi Arabia surged 123 per cent RO 2.7 billion in value at the end of 2022 compared to the previous year’s figure.
Bandar bin Ibrahim al Khorayef, Saudi Minister of Industry and Mineral Resources, said remarkable growth in bilateral trade underscored growing integration between the two countries, as well as opportunities for joint investment in logistics and mining.
In a statement to Oman News Agency, Al Khorayef said the two countries seek to develop the industrial sector by adopting the technologies of the Fourth Industrial Revolution to provide products of high value and quality.
Commenting on the integrated economic zone currently under development in Al Dhahirah Governorate, he said the facility would accelerate trade exchanges and stimulate investment inflow in both countries.
He praised the strong relationship between Oman and Saudi Arabia in various fields, describing it as "a wonderful relationship that we are proud of and consider it a model for joint action."
An Executive Committee was formed by the two country to supervise the Integrated Economic Zone project with officials drawn from the Saudi Ministry of Investment and the Special Economic Cities and Zones Authority, and members of the Saudi Fund for Development. The Joint Executive Committee is expected to hold its first meeting in Muscat at the end of May — ONA
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