Oman ranked 3rd among Arab states in trade partners of UAE

Muscat (ONA): The 2nd Oman-UAE Economic forum, held at Dubai Chamber of Commerce and Industry on the sidelines of the Sultanate of Oman’s participation in Expo 2020 Dubai, discussed the consolidation of economic partnerships between the business communities in the two countries in manner that serves economic relations, commercial exchange, investment and programmes of cooperation at government and private levels.

The forum focused on developing partnerships in various vital sectors, including innovation, renewable energy , water solutions, financial services, logistics, constructions, real estate and entrepreneurship.

Abdullah Tauq Al Marri, Minister of Economy in the United Arab Emirates (UAE), said that the Sultanate of Oman is the second largest GCC trade partners of the UAE, harnessing 20% of UAE’s total trade. Oman ranks 3rd among Arab states and 10th among major international trade partners of the UAE, said AL Marri,noting that the value of non-oil commercial exchange between the two countries in 2021 stood at more than AED 46 billion, a growth by 9% over its value in 2020.

Al Marri added in a speech before the 2nd OMAN-UAE Economic Forum that hotel establishments in the UAE received more than 256,000 guests from Oman in 2021, constituting a growth rate of 31% over the figures in 2020. This is an additional indicator for the rebound of tourist and commercial activity. Al Marri affirmed.

Meanwhile, Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, said that the forum is considered a step forward in the march of Oman-UAE economic relations. He described the UAE as the most important imported of Omani non-oil exports and that it occupies second place in the list of Oman’s re-export destinations.

The minister said that the volume of 2020 commercial exchange stood at more than RO 4 mbillion, compared to R0 3.7 billion in 2010

As many as 3,507 UAE firms had investment in Oman in 2021, with an aggregate capital of more than RO 590 million, mostly in the sectors of constructions, trade and services.

On his turn, Dr. Thani Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, said that direct exchanged investment between the two countries scored higher than RO 1.6 billion, with 85% investment flowing into Oman from the UAE.