Saudi Arabia and Oman recently held several discussions aimed at enhancing trade exchange and industrial integration. In a recent workshop, the two countries explored major opportunities for facilitating exports and streamlining supply chains. They also discussed the means of addressing challenges facing exporters in the two countries.
Oman’s Ministry of Commerce, Industry and Investment Promotion organized the workshop in cooperation with Saudi Arabia’s Ministry of Industry and Mineral Resources. It also saw the participation of Saudi Arabia’s Zakat, Tax and Customs Authority, the Directorate General of Customs and the Oman Chamber of Commerce and Industry (OCCI).
Bolstering exports and supply chains
The workshop came following Khalil Ibrahim Ibn Salamah’s, Saudi Arabia’s deputy minister for industry affairs, visit to Oman. During the visit, Salamah met with Qais Mohammed Al Yousef, Oman’s minister of commerce, industry and investment promotion. The two sides explored means of enhancing trade exchange and industrial integration between Oman and Saudi Arabia. They also reviewed means of facilitating exportation and boosting supply chains.
The meeting highlighted the challenges facing exporters in the two countries. It also underscored the importance of advancing economic cooperation and strategic integration between the two Gulf states.
Saudi Arabia and Oman are seeking stronger trade and industrial ties as their trade ties continue to grow. In the first half of 2024, the volume of trade exchange between the two countries reached over $2.63 billion, according to the National Center for Statistics and Information (NCSI).
Notably, metal products recorded the largest value of Oman’s exports to Saudi Arabia at OMR160.5 million. Following closely came minerals and related products with a value of OMR95 million. Next came machinery, digital devices, and electric equipment and their parts with a value of OMR33 million.
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Stronger cooperation in special economic zones
In addition, Salamah met with Dr. Ali Masoud Al Sunaidy, chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ), where the two sides discussed opportunities for economic cooperation in the fields of special economic zones, free zones and industrial areas between the two countries. The meeting focused on ways to maximize the benefits of production chains and raw materials in the factories operating within the special economic zones and free zones in both Saudi Arabia and Oman.
The meeting reviewed the progress made towards the implementation of the Integrated Economic Zone in Al Dahirah (EZAD). It also highlighted the announcement of the infrastructure tender for the project. A total of 12 consortiums comprising companies from Saudi Arabia and Oman have purchased the tender documents. The discussions also touched on facilitating the passage of industrial products between the two countries through the Empty Quarter border crossing.
