Muscat: Acting in cooperation with the Saudi Export Development Authority, the Ministry of Commerce, Industry and Investment Promotion organized bilateral meetings in Muscat between Omani factory entrepreneurs and their Saudi counterparts. The discussions centered on enhancing economic, commercial, and investment relations between Oman and Saudi Arabia, focusing on vital sectors such as construction, food security, packaging, and medical.

According to Oman News Agency, the meetings aimed to explore viable investment opportunities and outline necessary factors to enhance bilateral trade, aligning with Oman Vision 2040 and Saudi Vision 2030. These discussions are part of ongoing efforts to diversify the economy, activate innovation, and promote investments in key sectors.

As part of the meetings, Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, met with the Saudi trade delegation, emphasizing the depth of bilateral relations and the importance of such meetings in consolidating economic and industrial cooperation. Al Yousef highlighted the ministry’s commitment to creating a business-friendly environment that attracts joint investments, paving the way for quality projects and enhanced industrial integration.

Eng. Khalid Salim Al Qassabi, Director General of Industry at the Ministry, stated that these meetings are crucial for implementing the Industrial Strategy’s objectives. He noted that cooperation with Saudi Arabia opens doors for quality industrial partnerships and projects capable of regional and international competition. Al Qassabi emphasized that these meetings facilitate sustainable industrial integration, increasing the value of national products and leveraging innovation and modern technologies to establish Oman as a promising industrial hub.

The gatherings led to the signing of memoranda of cooperation between Omani and Saudi companies. These agreements aim to develop strategic partnerships, exchange expertise, and open new markets for national products, thereby consolidating industrial integration and enhancing trade exchange between the two countries.

Trade exchange between Oman and Saudi Arabia saw growth to RO 2.18 billion by the end of December 2024. Oman’s industrial exports to Saudi Arabia increased by 35.7 percent, equivalent to RO 538 million, by the end of the first half of 2025 compared to the same period in 2024.