Muscat: Acting in cooperation with the Saudi Export Development Authority, the Ministry of Commerce, Industry and Investment Promotion on Tuesday organised bilateral meetings in Muscat between entrepreneurs operating Omani factories and their Saudi counterparts.
The meetings focused on vital sectors—including the construction sector, the food security sector, the packaging sector and the medical sector.
The two sides discussed ways to enhance economic, commercial and investment relations between the Sultanate of Oman and the Kingdom of Saudi Arabia. They elaborated on means of enhancing cooperation between the two countries’ private sectors, notably by developing existing projects and engaging owners of Omani and Saudi factories and business enterprises.
The meetings stem from ongoing coordination between the two countries with the aim of exploring viable investment opportunities and outlining the factors that are needed to enhance bilateral trade in a manner that serves the common interests and supports economic growth in line with Oman Vision 2040 and Saudi Vision 2030. Both visions share common goals and ambitions to diversify the economy, activate innovation and promote investments in vital sectors.
As part of the meetings, Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, conferred with the participating Saudi trade delegation. The minister stressed the depth of bilateral relations between the Sultanate of Oman and the Kingdom of Saudi Arabia. He laid emphasis on the significance of such bilateral meetings in consolidating economic, commercial and industrial cooperation between the two countries.
Al Yousef explained that the Ministry attaches great importance to establishing a business environment that attracts joint investments in a manner that paves the way for the implementation of quality projects, enhances industrial integration and supports the two countries' efforts to achieve the goals of "Oman Vision 2040" and "Saudi Vision 2030."
Eng. Khalid Salim Al Qassabi, Director General of Industry at the Ministry of Commerce, Industry and Investment Promotion, said, "These meetings constitute an important platform for implementing the objectives of the Industrial Strategy."
Al Qassabi pointed out that cooperation with the Kingdom of Saudi Arabia opens up vistas for building quality industrial partnerships and developing projects that are capable of competing regionally and internationally. "These meetings pave the way for sustainable industrial integration that enhances the added value of national products and leverages innovation and modern technologies—thus consolidating Oman's position as a promising industrial hub in the region," he explained.
The meetings saw the signing of memoranda of cooperation between Omani companies and their Saudi counterparts. The agreements seek to develop strategic partnership, exchange expertise and open up new markets for national products. The agreements help consolidate industrial integration and augment trade exchange between the two countries.
It is worth noting that the volume of trade exchange between the Sultanate of Oman and the Kingdom of Saudi Arabia posted a growth of OMR2.18 billion by the end of December 2024. Omani industrial exports to the Kingdom of Saudi Arabia saw 35.7 percent growth—equivalent to OMR538 million—by the end of the first half of 2025, compared to the corresponding period in 2024.