Oman and Saudi Arabia Assess Joint Trade and Industry Developments

Post by : Mara Rahim

In Riyadh, the Coordination Committee for Trade, Industry, and Economy under the Omani-Saudi Coordination Council convened for its scheduled meeting to evaluate the status of collaborative initiatives. The committee reported the completion of six initiatives, with an additional 11 set to be finalized in the near future. This showcases the deepening cooperation aimed at boosting economic partnerships and aligning development goals between the two nations.

Dr. Saleh Said Masan, Undersecretary for Commerce, Industry and Investment Promotion from Oman, led the Omani delegation, while Eng. Rakan Wadah Tarabzoni, Deputy Minister of Economy and Planning for International Economic Affairs, represented Saudi Arabia. The discussions encompassed updates on trade, industry growth, and economic collaboration moving forward.

One highlight of the meeting was the successful completion of the second phase of the industrial integration project, which now facilitates Omani goods entering the Saudi market via the Omani certificate of origin, enhancing the efficiency of goods movement and reducing costs for Omani manufacturers.

Additionally, the meeting celebrated the end of the future factories initiative and the signing of 12 agreements focused on connecting supply chains in both nations. This initiative promotes collaborative manufacturing and boosts the value-added production capacity in Oman and Saudi Arabia, enhancing competitiveness.

Trade relations between Oman and Saudi Arabia have seen significant progress, with projections estimating trade volume to exceed $8 billion by the end of 2024, demonstrating robust partnerships and confidence among business sectors in both countries.

On the economic front, a memorandum of understanding was signed to encourage fair competition and curb monopolistic tendencies. Collaborative workshops have been set up to harmonize legislation and share expertise, contributing to Oman Vision 2040 and Saudi Vision 2030, which strive for diverse and resilient economies.

Eng. Jassim Saif Al Jadidi, Technical Director at the Office of the Undersecretary for Commerce and Industry, provided a comprehensive overview of the year’s progress, indicating that the launch of the second phase of industrial integration marked a pivotal moment aimed at enhancing cooperation in local content and strengthening procurement processes.

He noted that these collaborations have greatly improved industrial partnerships and facilitated supply chain integration between the two countries, with ongoing efforts to finalize official documentation for product origin verification, further simplifying trading processes for manufacturers.

With a total of six initiatives finalized and 11 actively progressing, Oman and Saudi Arabia are committed to fostering deeper economic integration. Continued collaboration aims to establish strong industrial ecosystems, support investment, and enhance competitive production opportunities in trade, industry, and economic integration.