Saudi Arabia and Oman are exploring new avenues for cooperation and investment in various sectors, including health, education, technology, and consulting, following a recent meeting. Organized by the Oman Chamber of Commerce and Industry, the partnership forum focused on strengthening collaboration through increased private sector involvement from both countries. The discussions primarily centered on ongoing projects and future ventures.
This initiative aligns with the strong and growing economic ties between Saudi Arabia and Oman. According to the National Center for Statistics and Information in Oman, trade between the two nations exceeded 1 billion Omani riyals ($2.59 billion) in the first half of 2024. The collaboration also supports Saudi Arabia’s Vision 2030 and Oman’s Vision 2040. Notably, Saudi investments in Oman have surged by more than 50 percent since 2021, further strengthening bilateral relations.
During the forum, the Oman Chamber of Commerce and Industry (OCCI) presented a session titled “Explore the Omani Market,” highlighting economic indicators and the unique attributes of Oman, such as its strategic location, special economic zones, free zones, and investor incentives. The presentation also focused on key sectors identified in Oman’s Vision 2040 and related services from OCCI.
The forum saw the introduction of companies aiming to lead investments in consultation, education, information technology, and health sectors. It also attracted participation from Saudi and Omani business leaders.
In October, Saudi Arabia and Oman signed a memorandum of understanding (MoU) to strengthen their economic and planning cooperation, with a focus on mutual interests. The agreement, signed by Saudi Minister of Economy and Planning Faisal Al-Ibrahim and Omani Minister Said bin Mohammed Al-Saqri, is a five-year commitment aimed at enhancing medium- and long-term economic planning, studies, and modeling, as well as monetary policies and strategies.
Earlier in April, a separate MoU was signed between the two nations during a meeting between Sultan bin Salem Al-Habsi, Oman’s Minister of Finance, and Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development. The discussions focused on mechanisms for cooperation between Oman and the Saudi Fund for Development, as well as progress on collaborative development projects. The MoU is part of broader efforts to support Oman’s development in infrastructure, higher education, vocational training, and various sectors such as industry, mining, transportation, communications, and energy.
