Economic relations between Saudi Arabia and Oman celebrate a remarkable milestone as their trade volume reaching SAR 21 billion (US$5.66 billion) by December 2024. This significant growth follows the signing of three pivotal agreements during the recent Oman-Saudi Business Forum.
The Oman Chamber of Commerce and Industry (OCCI) organized the forum in collaboration with the Oman-Saudi Business Council. Key stakeholders united at this event to explore new investment opportunities beneficial to both nations’ economies. Qais bin Mohammed al Yousef, Minister of Commerce, Industry, and Investment Promotion, inaugurated the forum alongside Sheikh Faisal Abdullah Al Rowas, Chairman of OCCI.
Dynamic Agreements in Key Sectors
The forum resulted in agreements covering technology, legal services, and manufacturing. Bayanat Technology Company of Oman partnered with MBH Transport of Saudi Arabia to develop a cloud-based warehouse and inventory management system. Furthermore, Dr. Sarhan al Raisi Law Firm of Oman teamed up with Mohammed al Balawi Commercial Business Group of Saudi Arabia for legal consultancy in Oman. Lastly, Mass International Company of Oman and Al Astura International Company of Saudi Arabia agreed to establish a gold and jewelry manufacturing facility.
Oman’s Non-Oil Exports to Saudi Arabia
Saudi Arabia ranks as the second-largest market for Omani non-oil exports, valued at SAR 2.03 billion as of November 2024. The UAE remains the leading destination for these exports, reaching SAR 2.48 billion.
Al Yousef emphasized the importance of sustained partnership, highlighting initiatives such as supply chain enhancements and logistical improvements. The Future Factories Programme also aims to reduce transportation costs and boost operational efficiency at border crossings.
OCCI Chairman Al Rowas reaffirmed the deep-rooted historical and commercial ties shared between Oman and Saudi Arabia. He underscored their commitment to strengthening economic collaboration. Following the forum, the Oman-Saudi Business Council convened its first meeting, discussing Omani product exports and Rub al Khali border crossing efficiency.
Expanding Key Investment Opportunities
Bilateral meetings facilitated in-depth discussions among business leaders from both countries. Participants focused on investment opportunities in various sectors, including real estate, mining, oil and gas. Additionally, they addressed logistics, healthcare, finance, insurance, retail, and food security. The importance of economic diversification and sustainable development aligned with both nations’ long-term economic visions emerged as significant topics.
As part of ongoing efforts to strengthen ties, a Saudi delegation plans to visit Dhahirah on Thursday. They will meet with Governor Najib bin Ali al Rawas to explore investment and commercial opportunities in the governorate. This visit aims to further expand the economic cooperation between these neighboring countries.
