Muscat: The total volume of trade between the Sultanate of Oman and the Kingdom of Saudi Arabia has surged to OMR1,014,494,718 by the close of June 2024, as per the data disseminated by the National Centre for Statistics and Information (NCSI).
Among the various categories, metal products emerged as the leading export category for Oman, with a value of OMR160,547,747, followed by minerals and related products valued at OMR95,036,061.
Furthermore, machinery, digital devices, and electric equipment, along with their respective parts, constituted the third-highest value category of Omani exports to Saudi Arabia, valued at OMR33,592,718.
Conversely, metal products also stood as the leading import category from Saudi Arabia to Oman, valued at OMR284,941,374, with chemicals and related industries following closely at OMR137,967,829. Additionally, products from the food industry, including beverages, alcohol, vinegar, tobacco, and synthetic alternatives to tobacco, accounted for OMR38,882,937 in imports.
In terms of direct investment, Saudi Arabia has seen a notable increase in its investment into Oman, with direct Saudi investment reaching OMR121.1 million by the end of June 2024, marking a significant rise from OMR80.6 million at the end of 2021, an increase of 50.2%.
Oman has also witnessed a rise in its direct investment into Saudi Arabia, with investments reaching OMR129.1 million by the close of June 2024.
The Rub Al Khali port has played a pivotal role in facilitating a qualitative shift in trade exchange between the two nations, with the value of goods imported through the port by the end of June 2024 increasing to OMR159, 678, 381, a notable rise from OMR118, 724, 376, with a corresponding increase in weight from 324, 529, 044 kilograms to 254, 142, 296 kilograms.
The Kingdom of Saudi Arabia continues to be a leading tourism partner of Oman, with the number of Saudi visitors to Oman up to the end of August 2024 standing at approximately 87,710.
The Sultanate of Oman has also seen an increase in the number of Saudi residents, reaching 1,517 by the close of June 2024, with a gender distribution of 989 males and 528 females. Similarly, the number of Saudi students enrolled in government schools for the academic year 2023/2024 has increased to about 341, including 160 males and 181 females. Additionally, the number of Saudi students pursuing higher education in Oman for the academic year 2022/2023 has seen a rise to 103 students, including 84 males and 19 females.
