MUSCAT: The volume of investments between the Sultanate of Oman and the State of Qatar has amounted to $1.4 billion as of end-2023, according to Zahra Ali al Siyabi, Head of the Commercial Representation Office of the Ministry of Commerce, Industry.
In a panel discussion at the 33rd Doha International Book Fair held in Qatar last week, Al Siyabi shared that Qatar ranks as the sixth biggest investor in Oman with investments amounting to $69 million by 2023.
Al Wisal Radio, which reported on the panel discussion, quoted the official as saying that there are currently 184 Qatari companies in Oman and 14 investment projects supported by the Oman Investment Authority and the Qatari Investment Authority.
Meanwhile, the Board Member of the Qatari Chamber of Commerce, Eng Ali bin Abdullatif al Misned, revealed that the number of Omani companies investing in Qatar has reached around 400.
“Several joint ventures have been established between Oman and Qatar, including Karwa Motors, which established a factory in Oman, the Qatar Oman Investment Company. The number of Omani investment companies in Qatar has reached 400, underscoring the close cooperation between investors in both countries.” According to the board member, the strong relationship between the two nations in the field of investments has been strengthened by a number of mutual agreements, the Qatari-Omani Business Council, mutual delegations and visits, and cooperation opportunities between the two nations.
However, he believes that more can be achieved, and that both countries must focus on expanding globally. “The volume of trade between the two countries is substantial, but the vision aspires for even more cooperation. We should not focus only on the markets of the two countries but also move towards global markets as allies,” he stated.
According to data shared by the Ministry of Commerce, Industry, and Investment Promotion, exports from Oman to Qatar amounted to $8 million, while imports from Qatar were valued at $5 million. The majority of traded items consisted of oil and oil derivatives, food products, pharmaceuticals, wood, iron, building materials, and other products.
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