MUSCAT: The Oman Chamber of Commerce and Industry (OCCI), in collaboration with the Oman-Saudi Joint Business Council, organised the Omani-Saudi Business Forum at the Intercontinental Muscat here on February 19, 2025. In attendance were high-level officials and business leaders from both nations exploring avenues to expand trade and investment relations across a range of sectors.
The event saw the presence of Qais bin Mohammed al Yousef, Minister of Commerce, Industry, and Investment Promotion, Shaikh Faisal bin Abdullah al Rawas, Chairman of the Oman Chamber of Commerce and Industry, and Ibrahim bin Saad bin Bishan, Ambassador of the Kingdom of Saudi Arabia to the Sultanate of Oman, alongside members of the Oman-Saudi Joint Business Council and business owners from both countries.
Opening the forum, Qais al Yousef highlighted its role in boosting economic cooperation. He noted that trade between Oman and Saudi Arabia reached RO 2.18 billion ($5.66 billion) by the end of 2024, stressing that increased trade and joint investments would further strengthen ties.
Shaikh Faisal al Rawas echoed Al Yousef’s remarks, highlighting the deep ties between Oman and Saudi Arabia. He emphasized that the forum would strengthen economic bonds and align with Oman Vision 2040 and Saudi Vision 2030’s goals of economic diversification and growth.
“The forum reflects the strength of our historical and trade relations and reaffirms our mutual commitment to bolstering economic cooperation,” Shaikh Faisal said.
The forum covered a wide array of sectors crucial to both nations’ economic futures, including real estate, mining, oil and gas, logistics, healthcare, and IT. The discussions also centred on enhancing the private sector’s role and addressing challenges related to border exports and logistics.
In a key development, the Oman-Saudi Joint Business Council convened its first meeting of the year during the forum, discussing the hurdles faced by businesses in exporting Omani goods to Saudi Arabia. The council, led by Shaikh Ali bin Hamad al Kalbani and Nasser bin Saeed al Hajri, continues to play a vital role in fostering communication and cooperation between the private sectors of both nations.
“The forum reflects the deep brotherly and economic relations between Saudi Arabia and Oman,” noted Nasser al Hajri, emphasising the importance of collaboration in driving sustainable development and investment opportunities in line with both countries’ national visions.
Three key agreements were signed at the forum, strengthening economic ties. Baydat Technology (Oman) and Mujamid for Transport and Storage (Saudi Arabia) will establish a cloud-based warehouse system. Dr. Sarhan Al Raisi Law Firm (Oman) and Mohamed Al Balwi Group (Saudi Arabia) will provide specialised legal services in Oman. Dash Mass International (Oman) and Al Osoul International for Gold and Jewelry (Saudi Arabia) will set up a gold and jewellery manufacturing plant in Oman.
As part of the forum, several presentations were made on the investment advantages of both Oman and Saudi Arabia. Fatima bint Isa Al Balushi, Investment Promotion Specialist at the Ministry of Commerce, Industry, and Investment Promotion, presented Oman’s promising sectors, while Mohammad bin Abdullah al Ghawri from the Saudi Ministry of Investment outlined incentives available for investors in Saudi Arabia.
Additionally, key logistical developments were discussed, including the ongoing improvements at the Empty Quarter border crossing, which aims to further facilitate trade between the two countries.
The forum concluded with bilateral meetings between Omani and Saudi business owners, who explored joint projects and investment opportunities across the sectors discussed. A significant visit to Dhofar Governorate will take place on February 20, 2025, as part of the Saudi delegation’s tour of Oman. The visit will provide further insight into the region’s economic potential and investment opportunities.
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