RIYADH: Oman and Saudi Arabia continue to advance economic and industrial integration, with tangible progress recorded across trade, manufacturing and regulatory cooperation, officials said during the latest meeting of the Omani-Saudi Coordination Committee in the fields of trade, industry and economy, held in Riyadh.
The meeting reviewed the status of joint integration initiatives under the Omani-Saudi Coordination Council, confirming that six initiatives have been fully completed, while 11 others are in their final stages and expected to be rolled out in the coming period. The discussions reflected the growing strategic alignment between the two neighbouring economies and their shared focus on building resilient, interconnected value chains.
The Omani side was led by Dr Saleh bin Saeed Masan, Under-Secretary at the Ministry of Commerce, Industry and Investment Promotion for Trade and Industry, while the Saudi delegation was headed by Engineer Rakan bin Wadhah Tarabzoni, Under-Secretary at the Ministry of Economy and Planning for International Economic Affairs.
In the industrial sector, officials highlighted the completion of the second phase of the Industrial Integration Project as a major milestone. This phase enables Omani industrial products to enter the Saudi market with a recognised certificate of origin, significantly improving market access, reducing logistical and compliance costs, and enhancing competitiveness for manufacturers in the Sultanate.
Another key achievement was the completion of the Future Factories Initiative, aimed at strengthening links between industrial ecosystems in both countries. As part of this initiative, 12 agreements were signed to connect supply chains between Omani and Saudi factories, opening the door for joint manufacturing, technology transfer and increased local value addition.
Trade relations continue to show strong momentum, with the volume of trade between the two countries exceeding $8 billion by the end of 2024. Officials said this growth reflects increasing confidence among businesses, improved market integration and the effectiveness of facilitation measures introduced under the coordination framework.
On the economic and regulatory side, a memorandum of understanding was signed on competition protection and the prevention of monopolistic practices. Joint technical workshops were also organised to support regulatory alignment, exchange expertise and harmonise legislation, creating a more transparent and investor-friendly environment.
Engineer Jassim bin Saif al Jadidi, Technical Director at the Office of the Undersecretary of the Ministry of Commerce and Industry, presented a detailed overview of implementation progress during the year. He noted that the launch of the second phase of industrial integration initiatives in Riyadh last July marked a turning point in bilateral industrial cooperation, particularly in areas related to local content and government procurement frameworks.
He added that both sides are making steady progress towards finalising and implementing the proof-of-origin verification agreement, which is expected to further ease the movement of goods and reduce operational burdens on manufacturers.
Officials stressed that the deepening cooperation directly supports the objectives of Oman Vision 2040 and Saudi Vision 2030, positioning both countries to benefit from stronger industrial partnerships, integrated supply chains and sustained economic growth. — ONA
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