Omani-Saudi Investment Forum in Riyadh Discusses Long-term Economic Partnership

Riyadh: The Omani-Saudi Investment Forum, held in Riyadh today, discussed means of enhancing the long-term economic partnership between the two countries in the sectors of investment and industry.

Eng. Khalid Abdulaziz Al Falih, Minister of Investment in the Kingdom of Saudi Arabia, stressed the importance of the private sector’s role in Oman and Saudi Arabia in pushing the wheel of development forward and acts as an active partner and contributor to the development of the economic, investment and trade sectors between the two countries.

He affirmed that the Saudi government is keen to strengthen and develop investment relations with Oman, noting that the volume of trade exchange between the two countries during the first half of 2022 reached 11.392 billion Saudi riyals.

On his turn, Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion gave a speech during which he lauded the distinguished relations between Oman and Saudi Arabia, which resulted in an increase of 219% in the volume of trade exchange between the two countries until September 2022 compared to the 2021.

He pointed out that the volume of Omani non-oil exports to Saudi Arabia until September 2022 amounted to more than RO 659 million, up by 33.98% from 2021, and the volume of Saudi imports to Oman increased to more than RO 1,270 million until September 2022.

Activities of the forum included dialogue sessions to review prospects for promising investment sectors between the two countries, including: opportunities for integration in renewable energy and supply chains, tourism and real estate development, and other activities of common interest, which contribute to advancing and accelerating investment flows between the two sides.

On the sidelines of the forum, B2B meetings were held between representatives of the private sector in the two countries. The meetings discussed opportunities for cooperation and partnership and reviewed the available investment opportunities in the two countries.

The opening of the forum was attended by Dr. Ali Masoud Al Sunaidi, Chairman of the Public Authority for Special Economic Zones and Free Zones, HH Sayyid Faisal Turki Al Said, Ambassador of Oman to Saudi Arabia, Faisal Abdullah Al Rawas, Chairman of Oman Chamber of Commerce and Industry, some officials from the private sector in the two countries, as well as Omani and Saudi business people.