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Sheikh Mohammed bin Zayed’s visit to open new avenues in trade cooperation

26 Sep 2022

Muscat – Several business leaders and officials have stated that the visit by Sheikh Mohammed bin Zayed al Nahyan, President of the United Arab Emirates on Tuesday, will open new opportunities for economic and trade cooperation between the two countries.

Redha bin Juma al Saleh, chairman of the Board of Directors, Oman Chamber of Commerce and Industry, said that the sultanate and the UAE are taking significant steps towards achieving success in increasing investment opportunities and trade exchange, as well as providing facilities and incentives to encourage investments.

“This is in addition to working on partnerships in various sectors that serve the economies of the two brotherly countries,” Saleh said in an interview to ONA.

According to Saleh, the Emirati investments in 3,071 companies in the sultanate were valued at RO1.207bn in 2021, most of which was concentrated in the commercial, construction, industrial, real estate, services and transportation sectors.

Lujaina Mohsin Darwish, member of State Council and chairperson of MHD ITICS, said there are social, cultural, political and economic relations linking the sultanate and the UAE. “Trade and economic relations with our Emirati brothers are growing under the guidance and wise leader-ship of His Majesty Sultan Haitham bin Tarik and Sheikh Mohammed bin Zayed al Nahyan.

“We are currently witnessing an increase in the volume of trade exchange with brothers in the UAE and the other Gulf countries alike.”

Ghanim Dhaher al Bathari, board chairman of Al Baraka Oilfield Services Company, said that based on 2021 data, the UAE is currently the largest investor from the Arab world in the sultanate, while Oman is the largest source market for travellers to the UAE.

He added that Sheikh Mohamed bin Zayed’s visit is being hailed and welcomed by everyone. “We are also confident that the visit will take bilateral relations to a new stage of cooperation, which will benefit the two brotherly peoples,” said Bathari.

Mustafa bin Ahmed Salman, CEO of United Securities Company, believes the visit will increase trade exchange and will provide good support to large investment projects, which will benefit the economies of the two countries.

“The UAE is Oman’s largest trading partner. The next stage of cooperation requires increasing trade and investment partnerships between the private sector of the two countries to raise the volume of trade and investment exchange,” he said, expressing hope that the coming period will witness the provision of more facilities at Oman-UAE borders.

Areej Mohsin Darwish, chairperson of the Automotive, Construction Equipment & Renewable Energy cluster of Mohsin Haider Darwish, said, “The UAE business community is an essential trading partner, and we look forward to increasing investment opportunities, facilities and incentives between the two sides to propel bilateral relations towards wider horizons.”

She stressed that the visit of Sheikh Mohamed bin Zayed is an opportunity to strengthen strategic partnership and cooperation.

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