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Economic cooperation between Oman and Saudi to benefit region


The recent visit of His Majesty Sultan Haitham bin Tarik to Saudi Arabia, and the agreements signed during this visit, are very important in terms of bilateral cooperation and dependence on each other in economic development. The visit of the Saudi Minister of Investment Khalid bin Abdulaziz al Falih to Oman is an embodiment of what has been agreed upon between the two leaderships to push the wheel of economic, industrial and tourism cooperation ahead. What has been decided by the two leading countries needs concerted efforts by the people to meet their aspirations in shortest possible time. It is the vision of His Majesty the Sultan and the Saudi King which has charted the course to achieve prosperity in the region in near future.

This visit is considered an advanced step to harness the potentials of the two countries for more cooperation and joint efforts to achieve mutual objectives. This is expected to open more horizons for both the brotherly countries. Now it is the turn of the private sector in Oman and Saudi Arabia to use the opportunity for investments in the areas of mutual interests so that it can address the aspirations of the two governments. This is how the vision of diversification of the economy can become a reality.

The business delegation from the neighbouring country led by the Saudi minister was in Muscat in less than two months after the visit of His Majesty the Sultan to Saudi Arabia. This swift action shows the extent of attention being paid by the authorities concerned of the two countries to follow the path set by their leaders.

There are all signals that the approach decided by the leadership is being brought to action. This will certainly open more horizons of expansion and strengthening of the relations between the two economic giants of the region. Soon, we would see that they would open more opportunities for each other in all areas to expand their ambit of investments.

The visit of the Saudi delegation is being seen with interest at all levels. This is being considered a positive step towards economic cooperation between the two countries. There are lot of virtues stored in these actions and activities which are patronised by the top leadership of the two brotherly countries. Wider horizons of cooperation and joint efforts are opening for the private sectors of the two countries. It is their turn to show how they grab these opportunities. The ball is now in their court.

During the visit, the Saudi delegation visited Rusayl and Duqm industrial and special economic zones. This is an indication of their intention to invest in various industrial sectors. As part of this activity, 150 projects worth RO 1.5 billion were offered for investors from Saudi. These meetings and visits have generated hope for more cooperation. Under encouraging rules and regulations, the two countries would take the advantage of the investment opportunities in manufacturing, production and services sectors.

The geostrategic location of Oman in the Arabian Sea, the Strait of Hormuz and the Indian Ocean is expected to help cooperation in the areas of oil, gas, petrochemicals and minerals. There are many such areas in the country which require investments.

Food security is one of the most important areas of cooperation. It is expected to get more attention because there is a mutual interest in this area. The diversity of agriculture, fisheries and livestock in the two countries can be jointly harnessed to ensure food security.

The road linking the two countries will support cooperation in logistics making import and export easy. Naturally, Saudi Arabia and Oman would move ahead with plans to further cooperation in electricity and power. Saudi companies already have some investments in the area. The entire Gulf region can benefit from Saudi-Oman cooperation in this sector.

The cooperation between the two countries will obviously make way for small and medium enterprises. It will encourage entrepreneurships and innovations as well as create more opportunities for mutual investments in such projects. Going hand in hand and making joint efforts in the areas of mutual interests is always beneficial.

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