Tuesday, March 21, 2023 | Sha'ban 28, 1444 H
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Several agreements to be signed at Saudi-Oman Investment Forum

Riyadh: The volume of Omani non-oil exports to the Kingdom of Saudi Arabia until September 2022 was more than RO659 million, up 33.98% from 2021, due to strong relations.

The volume of Saudi imports to the Sultanate of Oman increased to RO1,270 million during the same period in 2022, an increase of 219% from 2021.

The trade exchanges have been also helped by the opening of the Empty Quarter following the visit of Crown Prince Mohammed bin Salman to the Sultanate in December 2021.

Both countries also signed a Memorandum of Understanding to finance the first phase of the construction of the integrated economic zone in Al Dhahirah Governorate in the Sultanate of Oman. More agreements will be signed during the course of this forum.

Key government officials, business leaders, and economic experts from the Sultanate of Oman and the Kingdom of Saudi Arabia are discussing for three days matters aimed at enhancing trade, economic, and investment ties between the two brotherly countries.

The interactions will take place as part of the Saudi-Oman Investment Forum, organized by the Omani Ministry of Commerce, Industry, and Investment Promotion, in cooperation with the Saudi Ministry of Investment. Also expected to attend are high-ranking officials, chief executives of major Omani and Saudi companies, and representatives of the public and private sectors in the two countries.

Taking part from Oman is a high-level delegation comprising officials of the Oman Investment Authority (OIA), the Public Authority for Special Economic Zones and Free Zones (OPAZ), the Small and Medium Enterprises Development Authority, and the Oman Chamber of Commerce and Industry (OCCI).

The forum aims to consolidate and enhance joint trade and investment relations between the two brotherly countries, find strategic opportunities for joint investment, and support private sector institutions in the two countries to open broader avenues for joint action for the benefit of the two countries.

The forum's activities include dialogue sessions focusing on promising investment sectors such as renewable energy, supply chains, tourism, real estate, transportation and logistics services, and other activities of common interest that contribute to advancing and accelerating the volume of investment flows between the two countries and enhancing trade exchange.

The forum will also focus on investment opportunities in the two countries, notably in the industrial cities and free zones.

Taking place on the sidelines is the Saudi-Omani Industries Exhibition, with the participation of government agencies from the two countries and the most prominent Oman and Saudi companies, which will display their products and services. The expo is sponsored by ACWA Power, Made in Saudi Programe, and Riyad Bank.

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