Muscat: The Sultanate of Oman and the State of Qatar are actively enhancing their strong bilateral relations across various sectors, guided by the astute leadership of His Majesty Sultan Haitham bin Tarik and Sheikh Tamim bin Hamad Al Thani.
A significant development in their diplomatic ties will occur this Tuesday with the Emir of Qatar's state visit to Oman. This visit symbolizes the dedication of both nations to expand their exceptional relationship into broader areas, marking a pivotal moment in their partnership and fostering deeper economic and trade collaboration.
The shared visions that bind Oman and Qatar are evident in their ongoing political coordination, both regionally within the GCC and the Arab League, and globally through international organizations. Their commitment to promoting stability in the region and worldwide through peaceful dialogue and conflict resolution is clear. This is particularly highlighted by their aligned positions and ongoing consultations on regional and international matters, especially concerning the Palestinian issue.
The Omani-Qatari Joint Committee, established in 1995, plays a vital role in strengthening cooperation by identifying various collaborative opportunities and developing investment projects that align with their mutual interests. The committee has convened 23 times up to last year.
According to data from the National Centre for Statistics and Information, trade between Oman and Qatar reached RO 1,113.3 million by the end of 2023, with Omani exports to Qatar valued at RO 284.7 million and imports from Qatar totaling RO 828.6 million.
The trade exchange between the two nations reached approximately RO 950.8 million by the end of November 2024. This figure includes RO 205.9 million in Omani exports to Qatar, accounting for 0.9 percent of the total Omani exports, while Omani imports from Qatar totaled RO 754.9 million, representing 5 percent of total imports.
By the end of 2023, Qatari investments in Oman experienced a 12 percent increase, rising to RO 730 million from RO 651.9 million in 2022. As of October 2024, Omani exports to Qatar were valued at around RO 140.2 million, whereas total imports from Qatar during the same period reached approximately RO 708.7 million.
An analysis of data from the National Center for Statistics and Information indicates that the trade balance favored Qatar until October 2024, with Qatari investments amounting to about RO 488.3 million by the end of the third quarter of 2024. Additionally, there were 15 Qatari companies operating in Oman. Conversely, direct Omani investments in Qatar saw a slight increase from RO 4.1 million in 2022 to RO 4.3 million in 2023.
Sayyid Ammar bin Abdullah Al Busaidi, the Omani Ambassador to Qatar, stated to the Oman News Agency (ONA) that the forthcoming state visit of Sheikh Tamim to Oman is a significant milestone that underscores the strong ties between the two countries and will enhance cooperation across various sectors, including political, economic, and cultural domains.
He emphasized that this visit would pave the way for new opportunities to strengthen the strategic partnership between Oman and Qatar, highlighting their long-standing history of productive collaboration at multiple levels, which serves as a successful and exemplary model of bilateral relations.
The ambassador noted that the relationship between Oman and Qatar embodies the mutual future vision of His Majesty Sultan Haitham bin Tarik and Sheikh Tamim bin Hamad Al Thani. Both leaders are committed to broadening the scope of collaborative efforts across various economic sectors, aiming to enhance the welfare and interests of their citizens.
He elaborated on the establishment of a joint investment fund called “Al Hosn Investment Company” in 2007, which is a closed joint stock entity based in Muscat. This partnership consists of Qatar Holding Company, a subsidiary of the Qatar Investment Authority, and the Oman Investment Authority, each holding a 50 percent stake.
The ambassador mentioned that the company focuses on investing in diverse sectors, including banking, industry, communications and technology, food, healthcare, education, tourism, and oil and gas.
To further promote collaboration among business leaders from both nations, the Omani-Qatari Businessmen Council was formed under the auspices of the Oman Chamber of Commerce and Industry and the Qatar Chamber of Commerce and Industry. This initiative aims to strengthen trade relations and create opportunities for joint investments.
He also highlighted that Qatari investments in Oman span various areas, including the transformation of industries related to food and pharmaceutical security, as well as sectors such as education, banking, communications and technology, construction, wholesale trade, tourism, logistics, mining, real estate, and insurance.
Cooperation between Oman and Qatar in renewable energy has been highlighted by Ambassador Al Busaidi, who emphasized that both nations share a common vision for promoting investment and developing clean energy initiatives. The Sultanate of Oman is actively attracting leading companies to establish projects focused on green hydrogen production and the generation of clean electricity through solar and wind resources, paving the way for potential joint ventures in this sector.
In concluding his remarks, Ambassador Al Busaidi reiterated the ongoing efforts of Oman and Qatar to strengthen collaboration in addressing both global and regional challenges, encompassing political, economic, and environmental issues. Their joint initiatives aim to ensure regional security, preserve natural resources, and tackle the impacts of climate change. Additionally, he noted the commitment of both countries to work together on health, education, and social challenges.
Sheikh Mubarak bin Fahad Al Thani, the Qatari Ambassador to Oman, remarked on the significant growth and development of bilateral relations across various sectors, particularly in joint investments. He highlighted several Qatari investments in Oman, including the Karwa Motors project and the Qatari Diar Ras Al Hadd project.
The Qatari ambassador also informed the Oman News Agency (ONA) that the upcoming state visit of Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, to Oman is garnering considerable attention from both official and public spheres. This visit is expected to mark a significant milestone in the history of the two countries' relations and their shared interests across multiple domains.
The visit is expected to facilitate a dialogue on global challenges and contemporary issues, fostering new avenues for mutual understanding and strategic collaboration between Oman and Qatar. It aims to elevate these partnerships to new heights through enhanced constructive bilateral cooperation.
Sheikh Mubarak bin Fahad Al Thani, the Qatari Ambassador to Oman, noted that the visit will see the signing of several agreements and memoranda of understanding between the two nations. This initiative is set to create significant opportunities for collaboration across various sectors, enabling joint investments that will yield economic benefits for the citizens of both countries.
Faisal Abdullah Al Rowas, Chairman of the Oman Chamber of Commerce and Industry (OCCI), emphasized that the strong bilateral relations have translated into productive cooperation in numerous economic and commercial areas. He highlighted that this reflects the vision of both nations' leaderships to fortify the ties of joint cooperation, aiming to fulfill shared aspirations for growth and prosperity.
Al Rowas also mentioned that recent years have shown significant progress in trade cooperation between Oman and Qatar. He affirmed that Qatar has emerged as a strategic partner for Oman in various economic domains, with these robust relations enhancing trade flows and opening new investment opportunities in key sectors.
The trade and investment dynamics between the two countries are concentrated on essential sectors such as energy, industry, tourism, logistics, and other areas that align with mutual interests, according to Al Rowas. He further stressed the importance of leveraging these relations to improve the business environment, ultimately achieving sustainable economic benefits.
The Chairman of OCCI stated that the relationship between Oman and Qatar serves as a benchmark for exemplary fraternal and economic collaboration, forming a crucial foundation for advancing joint efforts aimed at achieving economic integration within the GCC. This aligns with the aspirations of the citizens of both nations and the vision of their esteemed leaderships for a more prosperous future.
In this regard, Sheikh Khalifa bin Jassim Al Thani, Chairman of the Qatar Chamber of Commerce and Industry (QCCI), emphasized that the state visit of Sheikh Tamim bin Hamad Al Thani, Emir of Qatar, to Oman, along with his forthcoming meeting with His Majesty Sultan Haitham bin Tarik, underscores the dedication of both countries' leaderships to fortifying their fraternal ties. This visit also paves the way for broader and more comprehensive avenues of cooperation across various sectors, particularly at a time when the region is experiencing significant developments on multiple fronts.
The Chairman of QCCI remarked that for the private sector, this visit signifies a strategic advancement that will broaden the scope of collaboration, strengthen the strategic relationship between the two nations, and enhance their capacity to tackle global challenges. He added that the visit would bolster partnership and economic cooperation, facilitate mutual investments, promote trade exchanges, and increase the volume of exports and imports between the two countries.
He emphasized that the trade relationship between Oman and Qatar is on a continuous upward trajectory, with a growth rate of 20 percent over the last two years. Concerning mutual investments, the Chairman of the Qatar Chamber of Commerce and Industry (QCCI) highlighted the presence of numerous successful Qatari investments across various sectors in Oman, alongside collaborative Omani-Qatari initiatives in trade, contracting, services, hospitality, energy, and maintenance. Additionally, Omani firms are actively engaged in various economic sectors within Qatar. He noted that many companies operating in both nations are focused on enhancing cooperation and partnerships through commercial ventures and alliances, aligning with the shared vision of both countries to achieve economic diversification.
He stated that the Qatar Chamber of Commerce and Industry is committed to fostering closer ties and collaboration between the private sectors of both nations. The QCCI is prepared to assist Omani entrepreneurs looking to enter the Qatari market by providing insights into market opportunities and facilitating meetings with Qatari business leaders to explore potential partnerships and joint projects in either Oman or Qatar.
