Saudi-Oman trade skyrocketed by 123% to $7.1 bn in 2022

Embracing 4th industrial revolution technologies to produce superior quality goods
Saudi-Oman trade skyrocketed by 123% to $7.1 bn in 2022
Oman-Saudi ties strengthen

By the end of 2022, the trade between Oman and Saudi Arabia saw a significant increase of 123 percent, reaching OMR2.7 billion ($7.1 billion) as opposed to the end of 2021, reported Oman News Agency (ONA).

Bandar bin Ibrahim Alkhorayef, Saudi’s Minister of Industry and Mineral Resources expressed that the notable increase in trade serves as confirmation of the mutual interest for collaboration between the two nations.

He also mentioned that there are prospects within the logistics and mining sectors of both countries, which can supply the necessary raw materials for fundamental products in each respective country.

According to Alkhorayef, both countries aim to advance their industrial sector by embracing 4th industrial revolution technologies in order to produce superior quality goods.

Read more: Oman industrial projects key to diversification goals

Regarding the forthcoming integrated economic zone in the Al Dhahirah Governorate, he stated that such zones would reduce expenses, expedite trade, and encourage investors in both nations.

The Minister also commended the robust relationship between Oman and Saudi Arabia across multiple domains.

He characterized the relationship between the two nations as “a source of pride” and an exemplary model for collaboration. He additionally emphasized his country’s eagerness to strengthen cooperation with Oman across various domains, particularly in the economic arena.

Click here for more news on logistics.