Muscat: The strategic partnership between the Sultanate of Oman and the United Arab Emirates is witnessing development and consolidation in light of the support and care of the wise leadership of His Majesty Sultan Haitham bin Tarik and Sheikh Mohammed bin Zayed al Nahyan, President of the United Arab Emirates and their keenness to enhance cooperation and joint work and push it to broader horizons in a way that enhances the common interests of both countries, benefits the two brotherly peoples, and enhances security, stability and prosperity in the region and the world.
Special relations
The relations between the two countries are also characterized by features that place them in the rank of special distinguished ties at various levels, in addition to the economic and trade partnerships between them based on constructive cooperation, investment, and the exchange of knowledge and expertise in multiple fields.
These relations have been unique since the first meeting between Late Sultan Qaboos bin Said bin Said and Sheikh Zayed bin Sultan al Nahyan that agreed on the common fateful issues of the two brotherly peoples in various fields, as they witnessed remarkable development and the concepts of brotherhood and harmony were established over the past years.
State visit
The “state” visit by His Majesty Sultan Haitham bin Tarik on Monday to the United Arab Emirates and his meeting with Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates, is important in pushing bilateral relations to the next level. More progress and prosperity for the two brotherly peoples in all fields and achieving common and mutual interests between them, in addition to exchanging views on regional and international developments.
The Sultanate of Oman and the United Arab Emirates are working to enhance effective cooperation between them on the principle of mutual and common interest in various fields.
Joint supreme committee
The joint supreme committee between the two countries, which was established in 1991, seeks to enhance ways of cooperation and coordination between the two countries in various economic, commercial, cultural, and educational fields and to work to link Electricity and communications networks, coordination of land transport services and transportation procedures between the two countries through various border crossings, in addition to enhancing opportunities and areas of joint investment, for the benefit of the Omani and Emirati peoples in the present and the future.
More joint cooperation
Dr. Sayyid Ahmed bin Hilal Al Busaidi, the Sultanate of Oman’s ambassador to the United Arab Emirates, said "The visit of His Majesty the Sultan to the United Arab Emirates will reflect positively on accelerating the pace of cooperation, integration, and partnership between the two countries and developing them. The mutual exchange between the leaderships of the two countries last time culminated during the last period in the signing of 16 agreements and memorandums of understanding in various fields.
He added, "The economic relations between the two countries are also witnessing strategic development in light of the keenness of the two leaderships to strengthen bilateral relations in all fields, especially the economic field. He expects that the coming period will witness more joint investment cooperation in a way that contributes to consolidating and developing the economic partnership. existing between the two countries."
Omani investments
He pointed out that the most important Omani investment sectors in the United Arab Emirates include financial activities, insurance, manufacturing industries, real estate, professional and technical activities, wholesale and retail trade, information, and communications, while the list of the most important Emirati investment sectors in the Sultanate of Oman included the industrial, financial, banking, tourism, power generation, real estate activities, and retail trade sectors. And construction.
He said that the United Arab Emirates is one of the most important trading partners of the Sultanate of Oman, as indicators of continuous growth in the volume of trade and investment exchange between the two countries over the past years reflect the depth and strength of the existing economic partnership between them and its promising prospects, indicating that Omani exports to the Emirates during the year 2023 exceeded RO1 billion, marking an increase of 20.4 percent compared to 2022.
He stressed that the Embassy of the Sultanate of Oman in the United Arab Emirates is working hard to enhance economic and investment cooperation between the two countries through continuous communication with the relevant government agencies, chambers of commerce and industry, and investors in the United Arab Emirates, urging them to seize investment opportunities in the Sultanate of Oman and facilitating possible procedures for them. In addition to implementing the memorandums of understanding signed between the two countries related to cultural, educational, and scientific cooperation.
Statistics issued by the National Center for Statistics and Information show that the volume of trade exchange between the Sultanate of Oman and the United Arab Emirates by the end of 2023 amounted to about RO5, 439, 152, 530, compared to RO5, 571, 645, 346 by the end of 2022.
It showed that the value of Omani products exported to the United Arab Emirates by the end of last year amounted to more than RO291.7 million, represented by metal products, products of chemical industries, related industries, and other products and commodities, while the value of products imported from the Emirates to the Sultanate of Oman amounted to more than RO837.7 million, which consists of machinery, appliances, electrical equipment, and other products.
Statistics showed that the United Arab Emirates topped the countries attracting direct Omani investments abroad, amounting to RO960 million until the end of 2022, while the total Emirati investments until the end of last year amounted to about RO958.6 million.
The Sultanate of Oman constitutes one of the most important markets for Emirati trade. It ranks third in the Arab world and tenth globally in the list of trade partners of the Emirates and accounts for 20 percent of the total trade of the Emirates, due to the ease of transporting goods and the smooth and free movement of national products between the two countries through land ports.
The private sectors in the two countries play a vital role in economic development and are relied upon to achieve economic diversification trends, which is what the Sultanate of Oman is working on by creating capabilities and elements of strength to encourage local and foreign investments, especially in sectors aimed at economic diversification, namely manufacturing industries, logistics services, mining, tourism, and fisheries.
Economic relations growing steadily
Faisal bin Abdullah Al Rawas, Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry, said, "The Omani-Emirati economic relations are growing steadily, based on the commonalities between the two countries and the brotherhood that unites the two brotherly peoples and represents a solid base and starting point towards developing and strengthening relations that are embodied in complementary partnerships that work. To enable business owners in both countries to establish more successful projects."
He praised the level of trade and investment exchange between the two countries, indicating that the United Arab Emirates is one of the most important trading partners of the Sultanate of Oman through direct investment in several sectors, including manufacturing industries, real estate, and rental activities, commercial project activities, construction, financial intermediation, transportation and storage, and hotels, etc. It also ranks first as a destination for Omani direct investments abroad.
He added, "The two countries have broad prospects for increasing the volume of trade and investment exchange, as the Sultanate of Oman constitutes a major gateway for UAE exports due to its strategic location overlooking open seas and close to global shipping lines supported by a network of modern roads linking ports and land outlets. This allows the flow of goods and services, explaining that the competitive business environment in the Sultanate of Oman enhances economic growth and diversification and enables the private sector, which constitutes an attractive factor for investors and business owners."
He pointed out that there are many investment opportunities in the Sultanate of Oman in multiple sectors, including pharmaceutical industries, cosmetics, energy, real estate activities, construction and industrial equipment, the financial and banking sector, in addition to hotels and tourism projects.
Al Rawas stressed that the Omani market is one of the most important main markets exporting tourists to the United Arab Emirates, and the Sultanate of Oman represents a major destination for Emirati tourists and residents of the Emirates, adding that private sector institutions operating in the tourism sector in the two countries can establish partnerships and discuss ways of cooperation with the aim of integration in tourism programs to attract more tourists from foreign markets.
He pointed out that the Omani and Emirati private sectors play a vital role in economic development and are relied upon to achieve economic diversification trends, indicating that the Oman Chamber of Commerce and Industry has set improving the business environment and enhancing competitiveness as a strategic direction and is working to follow up on what is being accomplished. From partnerships between the two countries.
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