The Saudi Ministry of Economy and Planning and Oman’s Ministry of Economy have formalized a memorandum of understanding (MoU) aimed at fostering collaboration in medium- and long-term economic planning, economic studies and modeling, policy formulation, as well as promoting green and circular economies.
This MoU is designed to facilitate cooperation through the sharing of information, expertise, and research, along with organizing visits for experts and specialists. It also encompasses the hosting of conferences, seminars, and workshops. The agreement will be in effect for a period of five years.
Read more: Oman forges industrial economic alliances with Saudi Arabia, Japan, and U.S.
The MoU was signed by Minister of Economy and Planning Faisal Alibrahim and Omani Minister of Economy Dr. Saeed bin Mohammed Al-Saqri. It emphasizes strengthening economic cooperation based on mutual interests and adhering to the respective regulations and laws of both nations.
The signing of this MoU is a crucial step in enhancing collaboration among the Gulf Cooperation Council (GCC) countries and reinforcing the bilateral relationship between Saudi Arabia and Oman.
Saudi-Oman trade exchange
Recent data from the National Center for Statistics and Information (NCSI) showed that the volume of trade exchange between Oman and Saudi Arabia reached over OMR1.014 billion ($2.63 billion) by the end of June 2024. Metal products topped Oman’s exports to Saudi Arabia, reaching a value of OMR160.5 million. Close behind were minerals and related products, valued at OMR95 million. Following these were machinery, digital devices, and electrical equipment along with their components, totaling OMR33 million. Additionally, metal products led Oman’s imports from Saudi Arabia, totaling OMR284 million. Close behind were chemicals and related industries, valued at OMR137.96 million. Additionally, imports from the food sector—including beverages, alcohol, vinegar, tobacco, and synthetic tobacco alternatives—amounted to OMR38.8 million.
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