Saudi Arabia ranked second among the most important importing countries for Omani non-oil exports, and second at the level of the Gulf Cooperation Council.
(GCC) countries and fourth on the world level as an importer of Omani fish in 2019. KSA ranked fourth in re-export, and fifth in the list of countries from which the Sultanate imports.
The ministry explained that the volume of trade exchange between the Sultanate and the Kingdom of Saudi Arabia rose to RO 959.9 million in 2020, up from RO 506.2 million in 2010, an increase of RO 453.6 million in a 10 years’ period.
The ministry pointed to an increase in the number of Saudi companies in the Sultanate from 467 companies in 2010 to 1,235 companies in this year, an increase by 768 companies in the last 11 years. It noted that the trade, construction and services sectors are the top 3 sectors for the Saudi investments in the Sultanate.
The ministry indicated that the volume of Omani exports to Saudi Arabia stood at RO 548.5 million in 2020, and the volume of Saudi imports to the Sultanate amounted to RO 411.3 million last year. It explained that Saudi Arabia is a strategic partner in a number of economic projects in the Sultanate including the Salalah Independent Power Plant, Manah Power Plant, the Salalah Independent Water Desalination Plant, Ibri II Solar PV Independent Power Plant Project and the Saudi Development Fund.
The Ministry of Commerce, Industry and Investment Promotion confirmed that the Omani-Saudi trade relations are historic and sustainable, pointing to the integration between Oman Vision 2040 and Saudi Vision 2030, in terms of economic diversification, improving policies and legislation, investment opportunities, knowledge and innovation.
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