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Maritime link with Saudi Arabia to bolster investments


A maritime link between the Sultanate of Oman and the Kingdom of Saudi Arabia is expected to be expanded with more investments in this sector following agreements signed last week.

Joint building and maintenance of ships and yachts, launching of coastal shipping lines and sea taxis are some of the features of the agreements which augur well for investment opportunities.

The Sultanate of Oman’s state-owned transport group Asyad and the Saudi Maritime Transport Company have already signed a memorandum of understanding in the field of dry dock, logistics and maritime transport last week.

An agreement for mutual recognition of maritime certificates will enable seafarers to work onboard ships from both sides. In addition, the agreements will help develop passenger ferry services between the two countries.

The Sultanate of Oman-Saudi joint team is working on a number of initiatives in the field of logistics, to exchange experiences and transfer knowledge between the two sides in the field of road maintenance and implementation, and to encourage investors to implement road projects in both the countries.

During his visit to Saudi Arabia, Dr Said bin Mohammed al Saqri, Minister of Economy, called for improving the maritime link between Saudi Arabia and the Sultanate of Oman by transferring oil and gas exports in the region to the Arabian Sea through the Sultanate of Oman without passing through the Strait of Hormuz.

“The two countries are seeking to accelerate and increase the volume of trade and investment exchange between them through joint strategic projects, increasing investment opportunities, and offering more joint projects and mutual investments in various sectors”, he said during the visit.

Coinciding with the visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz al Saud, Crown Prince, Deputy Prime Minister and Minister of Defence of the Kingdom of Saudi Arabia, to the Sultanate of Oman, the two sides underscored the significance of the study of cooperation in opportunities in different fields including oil, gas and petrochemical sectors.

They agreed to increase the facilities that contribute to the smooth flow of intra-regional trade, enhance cooperation in the field of food security, and take advantage of the opportunities available in the sectors of standardisation, health and pharmaceutical industries.

Both the countries agreed to further cooperate in advanced technologies and innovation, renewable energy and industry projects, as well as in tourism and petrochemical projects, manufacturing industries, and logistical partnership.

They also expressed their determination to enhance and develop joint work in the tourism sector, with underlining this sector’s contribution to the gross domestic product, as well as in creating job opportunities for citizens and diversifying sources of income.

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