Muscat: Economic relations between Oman and Saudi Arabia continue to grow, with trade volume between the two countries reaching RO2.18bn (US$5.66bn) by the end of December 2024. The partnership is set to expand further following the signing of three agreements on Wednesday at the Oman-Saudi Business Forum.

Organised by Oman Chamber of Commerce and Industry (OCCI) in collaboration with Oman-Saudi Business Council, the forum brought together key stakeholders to explore new investment opportunities. The event was inaugurated by H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, along with Sheikh Faisal bin Abdullah al Rawas, Chairman of OCCI.

The agreements signed at the forum cover the sectors of technology, legal services and manufacturing. Bayanat Technology Company of Oman and MBH Transport of Saudi Arabia agreed to set up a cloud-based warehouse and inventory management system.

Dr Sarhan al Raisi Law Firm of Oman partnered with Mohammed al Balawi Commercial Business Group of Saudi Arabia to provide legal consultancy and support for commercial operations in Oman. The third agreement, between Mass International Company of Oman and Al Astura International Company of Saudi Arabia, will see the establishment of a gold and jewellery manufacturing facility in the sultanate.

Saudi Arabia was the second-largest market for Omani non-oil exports, valued at RO764mn till November 2024, behind the UAE at RO935mn.

H E Yousef stressed the importance of continued partnership and integration, citing initiatives such as supply chain enhancement, logistical advancements and the Future Factories Programme. Efforts to reduce transportation costs and improve operational efficiency at border crossings were also discussed.

OCCI chairman Rawas reaffirmed the deep-rooted historical and commercial ties between Oman and Saudi Arabia, underscoring the commitment to strengthen economic collaboration. Following the forum, the Oman-Saudi Business Council held its first meeting of the year, addressing key issues including export of Omani products to Saudi Arabia and the efficiency of Rub al Khali border crossing.

Bilateral meetings at the forum facilitated discussions between business leaders of the two countries, focusing on investment opportunities in real estate, mining, industry, oil and gas, logistics, healthcare, information technology, finance, insurance, retail, and food security. Participants emphasised the importance of economic diversification and sustainable development in alignment with the long-term economic visions of both nations.

As part of ongoing efforts to strengthen ties, a Saudi delegation will visit Dhahirah on Thursday to meet Governor Najib bin Ali al Rawas. The visit will explore investment and commercial opportunities in the governorate, further expanding the scope of economic cooperation.

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