MUSCAT: The UAE investments in the Sultanate by the end of 2016 is estimated at more than AED 8.8 billion, while the Sultanate’s investments in the UAE are more than AED 1.3 billion until the end of the same year.
This was revealed at the Oman-United Arab Emirates Economic Forum organised by the Ministry of Commerce and Industry. The forum aims at exploring investment opportunities in both countries.
The talks at the forum were chaired from the Omani side by Dr Ali bin Masoud al Sunaidy, Minister of Commerce and Industry, while the UAE side was led by Sultan bin Said al Mansoori, UAE Minister of Economy.
Speaking on the occasion, Dr Al Sunaidy said that the Sultanate during the successive five-year plans adopted an open economic policy and added that the government has utilised oil and gas revenues to support education and health sectors, as well as expansion of infrastructure, while the current five-year plan focuses on economic diversification programme by according greater importance to industry, tourism, mining, fisheries and logistics sectors.
Dr Al Sunaidy said that the UAE is a major strategic partner for the Sultanate as the two countries enjoy historic relations.
Dr Al Sunaidy said that the UAE is a major strategic partner for the Sultanate as the two countries enjoy historic relations that are witnessing continuous development in various fields particularly in business and trade .
He pointed out that the number of the Omani-UAE joint companies is constantly increasing. Till January 2019, the number of such companies stood at about 2,800 and they are operating in manufacturing, energy, water, finance, construction, real estate and trade. He hoped that this forum would develop these partnerships, exchange experiences and knowledge, and establish more projects, which serve economies of the two brotherly countries.
Al Mansoori said that organising this economic forum represents the keenness of the wise leaderships of His Majesty Sultan Qaboos and Sheikh Khalifa bin Zayed al Nahyan, President of the UAE, to enhance cooperation in that supports prosperity of the countries.
He said the bilateral relations between the Sultanate and the UAE represent a distinguished example of strong and well-established ties, which are not only limited to interests and constructive cooperation in areas of common concern, but also brotherhood, good neighbourhood, close social and family bonds that are of great importance to both nations.
He pointed out that the volume of non-oil trade between the two countries in 2017 clocked AED 36 billion, a growth rate of 12.4 per cent over the year 2016. He added that the exchange during the first nine months of 2018 amounted to AED 32.5 billion. He expected such exchange would continue grow in 2018 to reach about AED 45 billion. The average growth of non-oil trade exchange between the two countries stood at around 10 per cent over the past five years.
The UAE minister said that the Sultanate is the second largest trading partner of the UAE among GCC countries in 2017 and 12th globally. He said the UAE is one of the most important investors in the Sultanate.
Qais bin Mohammed al Yousef, Chairman of Oman Chamber of Commerce and Industry (OCCI) said the forum came as per an initiative from the UAE side. He added that the UAE delegation comprised of the UAE Chamber of Commerce and Industry, and businessmen who represent different sectors while the Omani side comprised representatives of the OCCI and business people.
Al Yousef pointed out that the value of Omani imports from the UAE amounted to more than RO 4.250 million in 2017. The value of exports to the UAE exceeded RO 2.270 million. The UAE’s investments in the Sultanate hit more than RO 393 million till 2016.
During the forum, presentations by Azzan bin Qassim al Busaidy, Director-General of Planning and Studies in the Public Authority for Investment Promotion and Export Development (Ithraa), highlighted its role in attracting foreign investments, developing non-oil exports, seeking to attract investments to implement economic development plans and develop exports of the Omani products to improve the trade balance of the Sultanate.
A presentation was also made by Saleh bin Hamoud al Hassani, Director of One-Stop Station (OSS) at the Special Economic Zone Authority at Duqm (SEZAD). He addressed the most important investments in the Special Economic Zone in Duqm (SEZD) as well as on infrastructure in the zone. Khalid bin Sulaiman al Salehi, Director of Marketing and Promotion at the Public Establishment for Industrial Estates (Madayn), reviewed Madayn mission in attracting investments and providing continuous support through regional and global competitive strategies, as well as availing good infrastructure, value-added services and easy government procedures.
B2B meetings were held during the forum among Omani and UAE businessmen and businesswomen. Investment opportunities were reviewed between the two countries, as well as exploring means to benefit from such opportunities. — ONA
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