Arab News, Thursday, Feb 02, 2023 | Rajab 11, 1444
Saudi-Oman Investment Forum sees 13 MoUs signed as trade ties deepen
The Saudi-Oman Investment Forum and
exhibition beginning in Riyadh on Wednesday discussed various ways and means to
enhance long-term economic partnership between the two Gulf states in the
investment and industry sectors.
Held under the theme “Partnership and
Integration,” the four-day forum aims to build sustainable partnerships in key
sectors and contribute to enhancing mutual interests between the two sides.
Saudi Arabia’s Ministry of Investment hosted a
senior delegation from Oman, which culminated in the signing of 13 Memoranda of
Understanding in various sectors, including biochemicals, energy, mining,
financial investment, logistics, maritime transport, and information technology
The agreements signed at the forum underscore the
long-standing partnership between Saudi Arabia and Oman, which has accelerated
in recent years with several high-level engagements.
In December 2021, Saudi Arabia and Oman announced
the opening of the first land crossing between the Gulf states to promote trade
exchange, while in April last year Saudi Arabia’s Minister of Investment Khalid
Al-Falih met with the Chairman of the Oman Investment Authority Abdulsalam bin
Mohammad Al Murshidi to explore the enhancement of investment cooperation
between the two countries.
This week’s four-day forum was opened by Al-Falih
with Qais bin Muhammad Al-Yousef, Omani minister of commerce industry and
investment promotion, who led the Omani delegation of diplomats and business
Al-Falih stressed the importance of the private
sector’s role in Oman and Saudi Arabia in pushing the wheel of development
forward as an active partner and contributor to the growth of economic,
investment and trade sectors in the two countries.
He affirmed that the Saudi government is keen to
strengthen investment relations with Oman, noting that the volume of trade
exchange between the two countries during the first half of 2022 reached SR11.39
billion ($3.03 billion).
“This forum is the embodiment of a deep
relationship between Oman and Saudi Arabia, coming together under the theme of
‘Partnership.’ We have the opportunity to create a roadmap that supports
businesses and investments for a prosperous future,” said Al-Falih.
Al-Yousef lauded the distinguished relations
between Oman and Saudi Arabia, which resulted in an increase of 219 percent in
the volume of trade exchange between the two countries until September 2022 as
compared to 2021.
Alongside the forum, Al-Falih and Al-Yousef
jointly opened the maiden Saudi-Omani Industries Exhibition.
The exhibition is open to the public from Feb. 1
to 4, highlighting the strong economic relationship between both nations across
several sectors, and showcasing products and services from small and medium
enterprise, businesses from both sides to stimulate opportunities for
Participating in the exhibition Sumaiya Abdullah
AlRamdhani, CEO of the ELIF Entrepreneurship of Oman told Arab News: “This
exhibition has opened for us so many lines, sharing experiences, exchanging
business ideas with our counterparts from Saudi Arabia, and sharing our
experiences with them, if they are interested in what we produce, our perfume.
This gives us a new trade opportunity.”
The session on Wednesday saw several presentations
by both Oman and Saudi representatives.
From the Oman side, Invest in 2040 and Special
Economic Zones in the Sultanate of Oman were highlighted as opportunities
available to Saudi investors, while Saudi officials presented Invest in Saudi
Arabia and Special Economic Cities and Zones which showcased the areas available
in the Kingdom.
On the sidelines of the forum,
business-to-business meetings were held between representatives of the private
sector in the two countries, discussing opportunities for cooperation and
partnership and reviewing available investment opportunities.