KUWAIT CITY: The Ambassador of Oman to Kuwait Dr. Saleh Al-Kharousi says the Omani-Kuwaiti relationship has been marked by a variety of events and activities in the year 2024, which he described as a “golden year” with several significant milestones and events. He said this during a press conference held at the embassy headquarters yesterday on the occasion of the fifth anniversary of Sultan Haitham bin Tariq’s assumption of power. Ambassador Al-Kharousi affirmed that discussions are ongoing between Oman and Kuwait regarding future projects. He highlighted that Oman has projects in sectors such as renewable and clean energy, mining, and other industries within the Duqm Economic Zone.

The ambassador said, “These projects also include the automobile industry, which is open for investment from Kuwait. We also have major opportunities in the tourism sector, particularly in the Dhofar Governorate, which has been seeing a surge in tourism infrastructure projects, including resorts, hotels, cable cars, and more. Kuwait is focusing on the food security sector, which is an important sector here joint projects are currently being studied, including a fish farming venture between the Sultanate of Oman and Kuwait. While some projects are government-driven, others involve the private sector, which opens further opportunities for collaboration between businesses in both countries.” Ambassador Al-Kharousi stated, “There are projects currently being studied by both parties, with some driven by the government and others by the private sector.

The volume of investment and direct trade exchange between Kuwait and Oman reached 1.26 billion Omani riyals in 2023, while in 2024 up until the end of September, it amounted to 833 million riyals.

The trade exchange between the two countries in 2024 until October reached 1.564 billion Omani riyals, which marked a significant increase compared to 2023 with 877 million riyals, and 2022 with 281 million riyals in trade. The trade exchange between Kuwait and Oman reached approximately USD 4.3 billion in the first ten months of 2024, which is nearly double compared to 2023. Kuwait’s direct investment in Oman amounted to USD 3.272 billion in 2023, and it reached USD 2.163 billion in 2024, up until the end of September.”

Ambassador Al-Kharousi explained that the state visit of His Highness the Amir Sheikh Meshal Al-Ahmad to Oman on February 6-7 included the inauguration of the Duqm Refinery and Petrochemical Industries. Managed and supervised by OQ8, a joint venture between OQ Oman Global Integrated Energy Company and Kuwait Petroleum International, the refinery has a daily production capacity of 230,000 barrels and an investment value of approximately USD 9 billion.

It is regarded as one of the most advanced and largest refineries in the Middle East. He went on to explain that the project marks a qualitative shift in the economic and investment cooperation between Oman and Kuwait, and exemplifies ideal cooperation within the Gulf Cooperation Council (GCC) countries.

Further complementing this major project is the petrochemical industries initiative, which is expected to commence soon, with a joint investment of around USD 7 billion. Also, the oil storage facility at Ras Markaz, with a capacity of 25 million barrels, is poised to become the largest oil storage site in the Middle East and among the largest in the world.

Ambassador Al-Kharousi highlighted Sultan Haitham bin Tariq Al Said’s state visit to Kuwait from May 13 to 14, during which the Omani-Kuwaiti Economic Forum was held and both sides reviewed opportunities to enhance investment and trade relations.

 

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