His Excellency the Minister of Investment, Eng Khalid bin Abdulaziz Al-Falih, stated that His Majesty Sultan Haitham bin Tariq, Sultan of Oman’s visit to Saudi Arabia exemplifies the two leaderships’ resolution to strengthen and develop bilateral relations.
“The trade interchanges between the two countries increased in the years leading up to the Corona pandemic, which harmed global trade as a whole,” he said.
“The trade exchange between the two countries resumed growth in 2021 when it experienced a remarkable recovery and rise,” he said, adding that trade between the Kingdom and the Sultanate of Oman exceeded SR$2bn in the first quarter of this year. The number of Saudi investors in Oman (companies, institutions, and individuals) reached 1235.
He stated that Saudi investments in Oman total nearly SR$24bn. Several promising Saudi companies are interested in investing in petrochemicals, health care, renewable energy, business services, food, transportation and storage, urban development, and other vital sectors in Oman.
He emphasised that the Kingdom’s Vision 2030 offers investors and companies from around the world unparalleled chances to enter the Saudi market in various areas.
His Excellency considered the Sultanate of Oman’s Vision 2040, its investment opportunities and strategic projects to be an appealing and promising element for Saudi investments in the Sultanate’s various fields. The integration of both visions will create several profitable investment opportunities in many sectors, including:
- Renewable energy
- Integration in economic zones and supply chains
- Information technology