Omani-Qatari relations: towards economic integration
Published: 05:01 PM,Jan 26,2025 | EDITED : 09:01 PM,Jan 26,2025
MUSCAT: The Sultanate of Oman and the State of Qatar continue promoting their distinguished relations in various areas in a manner that serves their interests, under the wise leaderships of His Majesty Sultan Haitham bin Tarik and Shaikh Tamim bin Hamad al Thani.
A new track for bilateral relations between the two countries will be launched on Tuesday when the Emir of Qatar begins his state visit to Oman. This path reflects the commitment of the two countries to push these distinguished relations to wider horizons in all fields, constituting a new turning point in the course of relations and pushing bilateral economic and trade relations between the two sides towards more fruitful cooperation.
The common visions that unite the two countries are reflected in the continuous political coordination, whether at the regional level between the GCC countries, the Arab League, or at the global level through international organisations. Their role in backing all that would achieve stability in the region and the world through peaceful dialogue and understanding to resolve conflicts is evident. This was clearly demonstrated through the convergence of stances and coordination between them, and the continuous consultation regarding regional and international issues, most notably the Palestinian cause.
The Omani-Qatari Joint Committee, which was established in 1995, contributes to enhancing joint cooperation between the two countries by exploring various aspects of cooperation, finding possible opportunities, and setting up investment projects that serve their common interests. The committee held 23 meetings until last year.
Data issued by the National Centre for Statistics and Information indicate that the volume of trade exchange between the Sultanate of Oman and the State of Qatar reached RO 1,113.3 million by the end of 2023, of which RO 284.7 million were the value of Omani exports to the State of Qatar and RO 828.6 million the value of Omani imports from Qatar.
The volume of trade exchange between the two countries reached about RO 950.8 million by the end of November 2024, of which RO 205.9 million were the value of Omani exports to Qatar, representing 0.9 per cent of the total value of Omani exports, and RO 754.9 million were the total value of Omani imports from Qatar, representing 5 per cent of the total imports.
Qatari investments in the Sultanate of Oman witnessed a growth of 12 per cent by the end of 2023, reaching RO 730 million, compared to RO 651.9 million in 2022. Omani exports to the State of Qatar until October 2024 amounted to about RO 140.2 million, while the total imports of the Sultanate of Oman from the State of Qatar until October 2024 amounted to about RO 708.7 million Omani riyals.
After analysing the data issued by the National Centre for Statistics and Information, it becomes clear that the trade balance until October 2024 was in favour of the State of Qatar, as the value of Qatari investments by the end of the third quarter of 2024 amounted to about RO 488.3 million, and the number of Qatari companies investing in the Sultanate of Oman reached 15. In contrast, the value of direct Omani investments in the State of Qatar increased from RO 4.1 million in 2022 to RO 4.3 million in 2023.
Sayyid Ammar bin Abdullah al Busaidy, Ambassador of the Sultanate of Oman to the State of Qatar, said that the upcoming state visit of Shaikh Tamim to Oman is an important step that reflects the distinguished relations between the two countries and contributes to enhancing joint cooperation in all fields, whether political, economic or cultural.
He affirmed that the visit would open new horizons for boosting the strategic partnership between the Sultanate of Oman and the State of Qatar, as they enjoy a long history of fruitful cooperation at various levels, and have been and continue to be a successful and distinctive model of bilateral relations.
He added that the Omani-Qatari relations reflect the shared future vision of His Majesty Sultan Haitham bin Tarik and Shaikh Tamim bin Hamad al Thani. The two leaders seek to expand the horizons of joint cooperation between the two countries in various economic fields, in a manner that serves the interests and well-being of their peoples, affirmed the Ambassador.
He explained that a joint investment fund named “Al Hosn Investment Company” was established in 2007 between the Omani and Qatari sides. It is a closed joint-stock company headquartered in Muscat, and a partnership between Qatar Holding Company, affiliated with Qatar Investment Authority, with a 50 per cent share, and Oman Investment Authority with a 50 per cent share.
The ambassador said that the company invests in projects from various sectors, including banking, industry, communications and technology, food, healthcare, education, tourism, oil and gas.
He stated that in a bid to activate cooperation between businessmen from both sides, the Omani-Qatari Businessmen Council was established under the umbrella of Oman Chamber of Commerce and Industry and Qatar Chamber of Commerce and Industry to boost trade relations and open areas of joint investment between the two countries.
The ambassador added that Qatari investments in the Sultanate of Oman varied between converting industries in the food and pharmaceutical security industries, and other sectors including education, banking, communications and technology at the level of investment authorities, and the construction, wholesale trade, tourism, logistics, mining, real estate, communications, insurance and others.
As for cooperation between the two countries in the field of renewable energy, Ambassador Al Busaidy pointed out that the Sultanate of Oman and the State of Qatar have a unified vision regarding encouraging investment and setting up clean energy projects, as the Sultanate of Oman attracts major companies to set up projects related to producing green hydrogen and generating clean electricity through solar and wind energy, so the two countries can set up joint projects in this regard.
At the end of his statement, Ambassador Al Busaidy affirmed that Oman and Qatar are working continuously to enhance cooperation in facing global and regional challenges, whether political, economic or environmental. Joint efforts include maintaining regional security, sustaining natural resources, and addressing the challenges of climate change, he added. The two countries, said the Ambassador, are also keen on joint cooperation in facing health, educational and social challenges.
Shaikh Mubarak bin Fahad al Thani, Ambassador of the State of Qatar to the Sultanate of Oman, noted that bilateral relations between the two countries are witnessing remarkable growth and development in all fields, especially in joint investments. He added that there are many Qatari investments in the Sultanate of Oman, including the Karwa Motors project and the Qatari Diar Ras Al Hadd project.
The Qatari ambassador said that the state visit of Shaikh Tamim bin Hamad al Thani, Emir of the State of Qatar, to the Sultanate of Oman is receiving great attention at the official and popular levels. It would constitute an important chapter in the history of bilateral relations between the two countries and the exchange of common interests in all fields.
He indicated that the visit would provide an opportunity to exchange views on global challenges and current issues. It would also contribute to opening new vistas of mutual understanding and strategic partnerships between Oman and Qatar, as well as pushing these partnerships toward higher levels by boosting constructive bilateral cooperation.
Shaikh Mubarak said that during the visit, several agreements and memoranda of understanding would be signed between the two countries. This move would provide vast opportunities for cooperation in various fields between companies and businessmen and the establishment of joint investments with economic returns for the benefit of the peoples of both countries.
In turn, Faisal bin Abdullah al Rawas, Chairman of the Oman Chamber of Commerce and Industry (OCCI), stressed that the distinguished bilateral relations between the two countries have resulted in fruitful cooperation in various economic and commercial fields. This, he added, embodies the vision of the two wise leaderships to strengthen the bonds of joint cooperation in order to realise the common aspirations of growth and prosperity.
Al Rawas pointed out that recent years have witnessed a remarkable development in the level of trade cooperation between Oman and Qatar.
The State of Qatar, Al Rawas affirmed, has become a strategic partner for the Sultanate of Oman in many economic fields, and these distinguished relations have contributed to enhancing the movement of inter-trade and opening up new vistas for investment in priority sectors.
The trade and investment relations between the two countries focus on vital sectors such as energy, industry, tourism, logistics services, and other areas that serve mutual interests, Al Rawas said.
He also underscored the importance of benefiting from these relations in a manner that enhances the business environment in order to achieve sustainable economic gains.
The Chairman of OCCI said that Omani-Qatari relations represent a model to be emulated in fraternal and economic cooperation and constitute a fundamental pillar for enhancing joint action to achieve GCC economic integration. This is in line with the aspirations of the peoples of the two countries and the vision of their wise leaderships toward a more prosperous future.
In the same context, Shaikh Khalifa bin Jassim al Thani, Chairman of the Qatar Chamber of Commerce and Industry (QCCI), affirmed that the state visit of Shaikh Tamim bin Hamad al Thani, Emir of the State of Qatar, to the Sultanate of Oman and his upcoming meeting with His Majesty Sultan Haitham bin Tarik reflects the commitment of the leaderships of the two countries to strengthening fraternal bonds. It also constitutes a move toward opening broader and more comprehensive vistas for cooperation in all fields, especially at a time when the region is witnessing important developments at all levels.
The Chairman of QCCI said that, for the private sector, this visit would represent a strategic step that will expand the horizons of cooperation, deepen strategic ties between the two countries, and enhance their ability to face global challenges. The visit would enhance the partnership and economic cooperation between the two countries, facilitate mutual investments, develop trade exchange, and augment the volume of exports and imports, he added.
He stressed that trade exchange between Oman and Qatar is continuously growing, with the growth rate reaching 20 per cent in the past two years. Regarding mutual investments between the two countries, the Chairman of QCCI pointed out that there are many successful Qatari investments in the Sultanate of Oman in various sectors, in addition to joint Omani-Qatari projects in the sectors of trade, contracting, services, hospitality, energy, and maintenance. There are also Omani companies operating in the State of Qatar in various economic sectors. He pointed out that there are also many companies operating in both countries that seek to enhance cooperation and partnership through commercial projects and alliances in a way that supports the vision of the two countries to achieve economic diversification.
He said that the Qatar Chamber of Commerce and Industry supports and encourages the rapprochement and cooperation of the private sector in the two countries. QCCI, he affirmed, is ready to provide support to Omani business owners wishing to enter the Qatari market by introducing them to the market and the available opportunities, in addition to arranging meetings that bring them together with Qatari business owners to discuss establishing partnerships and joint projects, both in Oman or Qatar.
POINTERS
The upcoming meeting of His Majesty Sultan Haitham bin Tarik and Shaikh Tamim reflects a commitment to strengthening fraternal bonds.
A new track for bilateral relations between the two countries will be launched on Tuesday when the Emir of Qatar begins his state visit to Oman.
The visit will provide an opportunity to exchange views on global challenges and also contribute to opening new vistas of mutual understanding.
Common visions that unite Oman and Qatar are reflected in continuous political coordination through international organisations.
The volume of trade exchange between the Sultanate of Oman and Qatar reached about RO 950.8 million by the end of November 2024.
Qatar has become a strategic partner for Oman in many fields, and distinguished relations have contributed to enhancing the movement of inter-trade.
A new track for bilateral relations between the two countries will be launched on Tuesday when the Emir of Qatar begins his state visit to Oman. This path reflects the commitment of the two countries to push these distinguished relations to wider horizons in all fields, constituting a new turning point in the course of relations and pushing bilateral economic and trade relations between the two sides towards more fruitful cooperation.
The common visions that unite the two countries are reflected in the continuous political coordination, whether at the regional level between the GCC countries, the Arab League, or at the global level through international organisations. Their role in backing all that would achieve stability in the region and the world through peaceful dialogue and understanding to resolve conflicts is evident. This was clearly demonstrated through the convergence of stances and coordination between them, and the continuous consultation regarding regional and international issues, most notably the Palestinian cause.
The Omani-Qatari Joint Committee, which was established in 1995, contributes to enhancing joint cooperation between the two countries by exploring various aspects of cooperation, finding possible opportunities, and setting up investment projects that serve their common interests. The committee held 23 meetings until last year.
Data issued by the National Centre for Statistics and Information indicate that the volume of trade exchange between the Sultanate of Oman and the State of Qatar reached RO 1,113.3 million by the end of 2023, of which RO 284.7 million were the value of Omani exports to the State of Qatar and RO 828.6 million the value of Omani imports from Qatar.
The volume of trade exchange between the two countries reached about RO 950.8 million by the end of November 2024, of which RO 205.9 million were the value of Omani exports to Qatar, representing 0.9 per cent of the total value of Omani exports, and RO 754.9 million were the total value of Omani imports from Qatar, representing 5 per cent of the total imports.
Qatari investments in the Sultanate of Oman witnessed a growth of 12 per cent by the end of 2023, reaching RO 730 million, compared to RO 651.9 million in 2022. Omani exports to the State of Qatar until October 2024 amounted to about RO 140.2 million, while the total imports of the Sultanate of Oman from the State of Qatar until October 2024 amounted to about RO 708.7 million Omani riyals.
After analysing the data issued by the National Centre for Statistics and Information, it becomes clear that the trade balance until October 2024 was in favour of the State of Qatar, as the value of Qatari investments by the end of the third quarter of 2024 amounted to about RO 488.3 million, and the number of Qatari companies investing in the Sultanate of Oman reached 15. In contrast, the value of direct Omani investments in the State of Qatar increased from RO 4.1 million in 2022 to RO 4.3 million in 2023.
Sayyid Ammar bin Abdullah al Busaidy, Ambassador of the Sultanate of Oman to the State of Qatar, said that the upcoming state visit of Shaikh Tamim to Oman is an important step that reflects the distinguished relations between the two countries and contributes to enhancing joint cooperation in all fields, whether political, economic or cultural.
He affirmed that the visit would open new horizons for boosting the strategic partnership between the Sultanate of Oman and the State of Qatar, as they enjoy a long history of fruitful cooperation at various levels, and have been and continue to be a successful and distinctive model of bilateral relations.
He added that the Omani-Qatari relations reflect the shared future vision of His Majesty Sultan Haitham bin Tarik and Shaikh Tamim bin Hamad al Thani. The two leaders seek to expand the horizons of joint cooperation between the two countries in various economic fields, in a manner that serves the interests and well-being of their peoples, affirmed the Ambassador.
He explained that a joint investment fund named “Al Hosn Investment Company” was established in 2007 between the Omani and Qatari sides. It is a closed joint-stock company headquartered in Muscat, and a partnership between Qatar Holding Company, affiliated with Qatar Investment Authority, with a 50 per cent share, and Oman Investment Authority with a 50 per cent share.
The ambassador said that the company invests in projects from various sectors, including banking, industry, communications and technology, food, healthcare, education, tourism, oil and gas.
He stated that in a bid to activate cooperation between businessmen from both sides, the Omani-Qatari Businessmen Council was established under the umbrella of Oman Chamber of Commerce and Industry and Qatar Chamber of Commerce and Industry to boost trade relations and open areas of joint investment between the two countries.
The ambassador added that Qatari investments in the Sultanate of Oman varied between converting industries in the food and pharmaceutical security industries, and other sectors including education, banking, communications and technology at the level of investment authorities, and the construction, wholesale trade, tourism, logistics, mining, real estate, communications, insurance and others.
As for cooperation between the two countries in the field of renewable energy, Ambassador Al Busaidy pointed out that the Sultanate of Oman and the State of Qatar have a unified vision regarding encouraging investment and setting up clean energy projects, as the Sultanate of Oman attracts major companies to set up projects related to producing green hydrogen and generating clean electricity through solar and wind energy, so the two countries can set up joint projects in this regard.
At the end of his statement, Ambassador Al Busaidy affirmed that Oman and Qatar are working continuously to enhance cooperation in facing global and regional challenges, whether political, economic or environmental. Joint efforts include maintaining regional security, sustaining natural resources, and addressing the challenges of climate change, he added. The two countries, said the Ambassador, are also keen on joint cooperation in facing health, educational and social challenges.
Shaikh Mubarak bin Fahad al Thani, Ambassador of the State of Qatar to the Sultanate of Oman, noted that bilateral relations between the two countries are witnessing remarkable growth and development in all fields, especially in joint investments. He added that there are many Qatari investments in the Sultanate of Oman, including the Karwa Motors project and the Qatari Diar Ras Al Hadd project.
The Qatari ambassador said that the state visit of Shaikh Tamim bin Hamad al Thani, Emir of the State of Qatar, to the Sultanate of Oman is receiving great attention at the official and popular levels. It would constitute an important chapter in the history of bilateral relations between the two countries and the exchange of common interests in all fields.
He indicated that the visit would provide an opportunity to exchange views on global challenges and current issues. It would also contribute to opening new vistas of mutual understanding and strategic partnerships between Oman and Qatar, as well as pushing these partnerships toward higher levels by boosting constructive bilateral cooperation.
Shaikh Mubarak said that during the visit, several agreements and memoranda of understanding would be signed between the two countries. This move would provide vast opportunities for cooperation in various fields between companies and businessmen and the establishment of joint investments with economic returns for the benefit of the peoples of both countries.
In turn, Faisal bin Abdullah al Rawas, Chairman of the Oman Chamber of Commerce and Industry (OCCI), stressed that the distinguished bilateral relations between the two countries have resulted in fruitful cooperation in various economic and commercial fields. This, he added, embodies the vision of the two wise leaderships to strengthen the bonds of joint cooperation in order to realise the common aspirations of growth and prosperity.
Al Rawas pointed out that recent years have witnessed a remarkable development in the level of trade cooperation between Oman and Qatar.
The State of Qatar, Al Rawas affirmed, has become a strategic partner for the Sultanate of Oman in many economic fields, and these distinguished relations have contributed to enhancing the movement of inter-trade and opening up new vistas for investment in priority sectors.
The trade and investment relations between the two countries focus on vital sectors such as energy, industry, tourism, logistics services, and other areas that serve mutual interests, Al Rawas said.
He also underscored the importance of benefiting from these relations in a manner that enhances the business environment in order to achieve sustainable economic gains.
The Chairman of OCCI said that Omani-Qatari relations represent a model to be emulated in fraternal and economic cooperation and constitute a fundamental pillar for enhancing joint action to achieve GCC economic integration. This is in line with the aspirations of the peoples of the two countries and the vision of their wise leaderships toward a more prosperous future.
In the same context, Shaikh Khalifa bin Jassim al Thani, Chairman of the Qatar Chamber of Commerce and Industry (QCCI), affirmed that the state visit of Shaikh Tamim bin Hamad al Thani, Emir of the State of Qatar, to the Sultanate of Oman and his upcoming meeting with His Majesty Sultan Haitham bin Tarik reflects the commitment of the leaderships of the two countries to strengthening fraternal bonds. It also constitutes a move toward opening broader and more comprehensive vistas for cooperation in all fields, especially at a time when the region is witnessing important developments at all levels.
The Chairman of QCCI said that, for the private sector, this visit would represent a strategic step that will expand the horizons of cooperation, deepen strategic ties between the two countries, and enhance their ability to face global challenges. The visit would enhance the partnership and economic cooperation between the two countries, facilitate mutual investments, develop trade exchange, and augment the volume of exports and imports, he added.
He stressed that trade exchange between Oman and Qatar is continuously growing, with the growth rate reaching 20 per cent in the past two years. Regarding mutual investments between the two countries, the Chairman of QCCI pointed out that there are many successful Qatari investments in the Sultanate of Oman in various sectors, in addition to joint Omani-Qatari projects in the sectors of trade, contracting, services, hospitality, energy, and maintenance. There are also Omani companies operating in the State of Qatar in various economic sectors. He pointed out that there are also many companies operating in both countries that seek to enhance cooperation and partnership through commercial projects and alliances in a way that supports the vision of the two countries to achieve economic diversification.
He said that the Qatar Chamber of Commerce and Industry supports and encourages the rapprochement and cooperation of the private sector in the two countries. QCCI, he affirmed, is ready to provide support to Omani business owners wishing to enter the Qatari market by introducing them to the market and the available opportunities, in addition to arranging meetings that bring them together with Qatari business owners to discuss establishing partnerships and joint projects, both in Oman or Qatar.
POINTERS
The upcoming meeting of His Majesty Sultan Haitham bin Tarik and Shaikh Tamim reflects a commitment to strengthening fraternal bonds.
A new track for bilateral relations between the two countries will be launched on Tuesday when the Emir of Qatar begins his state visit to Oman.
The visit will provide an opportunity to exchange views on global challenges and also contribute to opening new vistas of mutual understanding.
Common visions that unite Oman and Qatar are reflected in continuous political coordination through international organisations.
The volume of trade exchange between the Sultanate of Oman and Qatar reached about RO 950.8 million by the end of November 2024.
Qatar has become a strategic partner for Oman in many fields, and distinguished relations have contributed to enhancing the movement of inter-trade.