Muscat: The Omani-Saudi Business Forum convened in Muscat on Wednesday to discuss strategies for strengthening economic, trade, and investment ties between Oman and Saudi Arabia.
The meeting focused on identifying opportunities to increase trade exchange and foster collaboration within the private sector, particularly concerning ongoing projects.
Key sectors highlighted during the forum included real estate development, mining, industry, oil and gas, logistics, healthcare, information technology, finance, insurance, retail, and food security.
Qais Mohammed Al Yousef, the Minister of Commerce, Industry and Investment Promotion, remarked that the forum serves as a crucial link to bolster cooperation between the Sultanate of Oman and the Kingdom of Saudi Arabia across various domains.
He noted that trade exchange between the two nations has seen significant growth, reaching OMR2.180 billion by the end of December 2024, with 1,496 companies with Saudi investment operating in Oman.
Faisal Abdullah Al Rowas, Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry (OCCI), emphasized that the forum is an essential venue for discovering new opportunities and enhancing trade and investment collaborations.
He highlighted that statistical data indicates a notable increase in trade exchange between the two countries, mentioning that the Rub-al-Khali (Empty Quarter) border checkpoint has played a vital role in facilitating trade movement and the flow of goods and services, thereby promoting joint investments. Additionally, three cooperation agreements were signed between several Omani and Saudi companies during the forum.
The focus is on developing a cloud-based warehouse and inventory management system, offering specialized legal advice tailored to the Omani market, and setting up a manufacturing facility for gold and jewelry in the Sultanate of Oman.
During the forum, representatives from Oman shared various working papers and presentations highlighting key products, partnerships, and strategic initiatives between the Sultanate of Oman and the Kingdom of Saudi Arabia.
In response, the Saudi representatives provided insights through working papers regarding the investment framework in Saudi Arabia, emphasizing critical sectors aimed at promoting economic diversification and streamlining business operations for investors.
B2B meetings took place alongside the forum, where participants explored opportunities for collaborative efforts and investment projects, as well as strategies to enhance trade relations between the two nations.
