The Omani-Saudi Business Forum, organised by the Oman Chamber of Commerce and Industry (OCCI), was held in Muscat yesterday, discussing the enhancement of mutual cooperation between the Sultanate of Oman and the Kingdom of Saudi Arabia in the economic and investment sectors. The forum aimed to activate agreements and strategic partnerships between Omani and Saudi companies.
Faisal bin Abdullah al Rawas, Chairman of the Board of Directors of OCCI, said the forum explored ways to strengthen mutual cooperation, develop trade and investment relations, and accelerate the launch of joint Omani-Saudi projects that align with the diversification of the two countries’ economies.
Mohammed bin Abdullah al Murshed, First Deputy Chairman of the Riyadh Chamber of Commerce, expressed his expectations for the forum to enhance economic and trade links between the business sectors of both countries. He emphasised the importance of tangible outcomes that can support the optimal utilisation of promising opportunities in their economies, based on their diverse resources and investment prospects.
Faisal bin Abdullah al Rawas, Chairman of the Board of Directors of OCCI.
Badr bin Ibrahim al Badr, Deputy Minister of Investment in Saudi Arabia, affirmed the shared aspirations of both countries to support business growth, promote investments, and harness their capabilities. He highlighted the noticeable development in bilateral trade and joint projects, including the inauguration of the land road linking the two countries.
He added that the coordination committee in the fields of energy, investment, environment, and infrastructure, established by the Saudi-Omani Coordination Council, has solidified the consensus between the two countries in these areas. The committee works on unified visions and implementable initiatives that support business growth, stimulate investments, create more investment opportunities, overcome challenges, and enable active private sector participation in these sectors.
He noted that in the committee’s first session, 17 initiatives were introduced in various fields, including investment promotion and enhancement between the two countries, the establishment of a Saudi-Omani company, the laying of a pipeline for the storage and export of Saudi petroleum from the Ras Markaz region in Duqm, collaboration and knowledge exchange in the field of clean hydrogen and derivatives, and the preliminary study of railway connectivity between Saudi Arabia and the Sultanate of Oman.
On the sidelines of the forum, several memoranda of understanding were signed between private sector companies from both countries, relating to cooperation in the construction sector and the provision of legal consultations.
The forum presented opportunities and investment incentives in Oman and Saudi Arabia, as well as the investment potential in special economic zones, free zones, housing, and the real estate sector.
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