Saudi Arabia and Oman recently held discussions to strengthen trade exchange and industrial integration between the two nations. A workshop organized by Oman’s Ministry of Commerce, Industry, and Investment Promotion explored opportunities to streamline exports and improve supply chains. The workshop addressed challenges faced by exporters in both countries to boost bilateral trade relations effectively.
Collaborative Efforts in Economic Development
The event involved Saudi Arabia’s Ministry of Industry and Mineral Resources, Zakat, Tax, and Customs Authority, Oman Chamber of Commerce and Industry (OCCI), and others. The workshop followed the visit of Khalil Ibrahim Ibn Salamah, Saudi Arabia’s deputy minister for industry affairs, to Oman. During his visit, Salamah met Qais Mohammed Al Yousef, Oman’s minister of commerce, industry, and investment promotion. The discussions focused on fostering economic cooperation and ensuring strategic integration for mutual benefit.
In the first half of 2024, trade between Saudi Arabia and Oman exceeded $2.63 billion, showcasing robust economic ties. Metal products topped Oman’s exports to Saudi Arabia at OMR160.5 million, followed by minerals worth OMR95 million. Machinery, digital devices, and electric equipment exports reached OMR33 million, demonstrating diverse trade potential.
Special Economic Zones and Free Zones
Salamah also met Dr. Ali Masoud Al Sunaidy, chairman of OPAZ, to discuss economic cooperation in special economic zones, free zones, and industrial areas. The meeting reviewed progress on the Integrated Economic Zone in Al Dahirah (EZAD) and the launch of its infrastructure tender. Twelve consortiums from both countries have shown interest by purchasing tender documents.
Both nations highlighted the importance of facilitating industrial product transportation through the Empty Quarter border crossing. This initiative aims to ease the movement of goods and enhance supply chain efficiency, further boosting trade relations.
By focusing on strategic integration and addressing export challenges, Saudi Arabia and Oman aim to deepen their economic partnership.
