Muscat – An Omani delegation is visiting Saudi Arabia to explore investment opportunities between the two countries.

The delegation, led by H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, is looking to strengthen cooperation between the two countries and introduce Omani companies to Saudi expertise in several sectors.

According to a ministry official, H E Yousef met Khalid Abdulaziz al Falih, Saudi Minister of Investment, on Wednesday. The two sides explored prospects for trade cooperation and investment opportunities in various economic fields.

“The visit aims to strengthen trade relations, discuss import-export between the two countries, and resolve the challenges faced by the private sector,” the ministry official said.

The delegation will follow up with investors interested in investing in Oman, and facilitate bilateral meetings between Omani businessmen and their Saudi counterparts.

“We expect the visit will result in increasing the volume of investment between the two countries, diversifying import sources, creating new opportunities for Omani exports, and facilitating the movement of goods between the two countries,” the official added.

According to ministry data, the volume of trade between Oman and Saudi Arabia rose to RO959.9mn in 2020 from RO506.2mn in 2010 – an increase of RO453.7mn in a ten-year period.

The number of Saudi companies in the sultanate grew from 467 in 2010 to 1,235 in 2021 – an increase of 768 companies in 11 years.

Saudi Arabia is a strategic partner in several projects in the sultanate, including the Salalah Independent Power Plant, Manah Power Plant, Salalah Independent Water Desalination Plant, Ibri II Solar PV Independent Power Plant Project and the Saudi Development Fund.

The ministry affirmed that Oman-Saudi trade relations are historic and sustainable, with scope of integration between Oman Vision 2040 and Saudi Vision 2030 for economic diversification, improving policies and legislation and investment opportunities.