Oman and Saudi Arabia talked about strengthening their economic and trade ties. At the time, trade between the two neighbours was worth SR 22.5 billion, while Saudi exports to Oman totalled SR 36.8 billion.
Dr. Said Al-Saqri, the Omani Minister of Economy, and his delegation were in the Kingdom when the talks took place. Dr. Majed Al-Qasabi, the National Competitiveness Centre (NCC) Chairman and Minister of Commerce, led the Saudi delegation that met with the Omani side.
The Gulf Cooperation Council (GCC) countries are focusing on several economic issues to boost both their intra-regional and external trade. These issues were discussed during the meeting.
In his remarks, Dr. Al-Qasabi stressed that Crown Prince and Prime Minister Mohammed bin Salman had provided support and direction for the Kingdom’s economic reforms.
In light of the enormous development potential and opportunities present in the Kingdom, he also emphasised how these reforms are in line with “Saudi Vision 2030,” which attempts to execute structural changes in the economic sectors and promote sustainable economic growth.
According to Dr. Al-Qasabi, credible international reports and indicators show that the reforms have improved the business climate’s appeal, raised the Kingdom’s level of global competitiveness, and produced positive results for the Saudi economy.
He also emphasised the ongoing execution of projects and plans meant to create and enhance the Kingdom’s business climate, such as the work being done by the NCC, which works with pertinent government agencies to suggest and create regulations and guidelines that boost competitiveness.
Oman, the Gulf country, recorded an impressive 20% growth rate in total investments in its total rally of special economic zones, free zones, and industrial cities during the first half of 2024 compared to the same period in 2023.
Total investments in special economic zones, free zones, and industrial cities exceeded 20.1 billion Omani Rial by the end of the first half of 2024, reflecting a rise of 3.4 billion Omani Rial compared to the first half of 2023, according to a report published in the October 2024 issue of Duqm Economist Magazine, a quarterly publication by the Public Authority for Special Economic Zones and Free Zones (OPAZ).
The Special Economic Zone at Duqm (SEZAD) achieved the highest year-on-year growth of 55% in cumulative investment, with new investments amounting to 2.1 billion Omani Rial in the first half of 2024. The cumulative investment in SEZAD has surpassed the 6 billion Omani Rial mark, Duqm Economist Magazine stated further.
Total investment in operational industrial cities in Oman amounted to 7.5 billion Omani Rial, while total investments in the Salalah Free Zone reached 4.6 billion Omani Rial by the end of the first half of 2024.
In the Sohar Free Zone, investments reached 1.3 billion Omani Rial, and in the Al Mazyunah Free Zone, investments exceeded RO139mn. Additionally, the cumulative committed investment in Khazaen Economic City reached 459.5 million Omani Rial by the end of the first half of 2024.
The Duqm Economist Magazine report indicated that the number of new commercial registrations in the areas overseen by OPAZ in the first half of 2024 reached 1,885. The authority issued 735 public service licenses, 740 activity licenses, and 156 building permits.
Additionally, 5,466 work and investor licenses were issued, and the number of inspection and supervision visits totalled 15,548. Furthermore, 191 environmental permits and licenses were granted.