RIYADH: To improve economic ties and private sector cooperation, Oman and Saudi Arabia inked three agreements on trade, legal services, and manufacturing. Plans for a cloud-based warehousing and inventory management system, specialised legal advice for the Omani market, and a gold and jewellery manufacturing facility in the nation are among the agreements, which were made public at the Omani-Saudi Business Forum in Muscat.
With 1,496 Saudi-affiliated businesses doing business in Oman and bilateral commerce reaching 2.18 billion Omani rials ($5.65 billion) by December, the two countries’ economic relations are only getting stronger. During the forum, Qais bin Mohammed Al-Yousef, the Omani Minister of Industry and Investment Promotion, emphasised this expansion and its contribution to strengthening bilateral cooperation.
Both parties presented working papers at the event; Oman highlighted strategic initiatives and investment prospects, while Saudi Arabia described its investment framework and sectors propelling economic diversification.
During the forum, real estate development, mining, and industry were recognised as key areas. Other key areas of attention included logistics, health, and oil and gas. Food security, retail, insurance, banking, and information technology were also highlighted.
The chairman of the Oman Chamber of Commerce and Industry, Faisal Abdullah Al-Rowas, emphasised the forum’s function in opening up new avenues for investment and trade. He said that cross-border investment and commercial movements had been greatly aided by the Rub Al-Khali border checkpoint.
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