Oman-Saudi trade jumps 123% to $7bn

Muscat – The volume of trade exchange between the Gulf Cooperation Council states exceeds US$100bn, according to GCC Secretary-General Jassim Muhammad al Budaiwi.

Joint action under the banner of GCC resulted in robust commercial activity, he noted, “proof of which is the fact that the volume of trade exchange between the GCC countries exceeded US$100bn”.

This announcement came during the 64th meeting of the GCC Commercial Cooperation Committee, the 50th meeting of the GCC Industrial Cooperation Committee and the fifth meeting of the GCC Standardization Affairs Ministerial Committee on Thursday in Muscat.

Additionally, GCC ministers of commerce and industry held a consultative meeting with heads of chambers of commerce and industry in the GCC states.

The ministerial meetings were chaired by H E Qais Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, and attended by ministers, undersecretaries and heads of GCC chambers of commerce and industry.

Among the many high-priority programmes, the Commercial Cooperation Committee discussed finalising steps for establishment of the Gulf Common Market before the end of 2024.

It also exchanged views on joint action undertaken to address the challenges of intra-trade between GCC states, proposals to draft a decision on the formation of a permanent committee to be tasked with investment issues and other matters of relevance to the commercial sector in GCC countries.

The Industrial Cooperation Committee discussed ways to create a unified identity for Gulf national products and set its standards. The committee looked into a proposal made by the GCC Secretariat General to establish an electronic platform to showcase GCC industrial projects. It also debated an executive regulation of the Unified Industrial Organisation Law.

The consultative meeting of heads of GCC chambers of commerce and industry elaborated on ways of boosting growth of the economic sector in the GCC. They also considered devising a mechanism to provide business incubators for digital projects and artificial intelligence startups in member states.

The meeting laid emphasis on the need to form a permanent emergency crisis committee and preparation of a strategy to search for import alternatives, while at the same time devising a unified policy for purchasing food and pharmaceutical products.

On the sidelines of the meetings, a platform for Gulf entrepreneurs was launched with the primary objective of providing necessary data and information, and identifying investment opportunities and financing channels.

The platform will provide common ground for dialogue between entrepreneurs and investors, besides providing data on small and medium enterprises and promoting products and services of Gulf entrepreneurs.

H E Dr Saleh Said Masan, Undersecretary for Commerce and Industry in the Ministry of Commerce, Industry and Investment Promotion, informed that Oman, which chairs the current GCC session, submitted two proposals for promoting joint action – the first to dedicate a prize to honour outstanding innovators and, second, to hold a GCC industrial forum to consolidate coordination towards industrial integration among GCC countries.

Oman-Saudi trade jumps 123% to $7bn

Bilateral trade between Oman and Saudi Arabia has seen robust growth due to increasing economic partnership between the two countries. In 2022, the total trade exchange between the sultanate and the kingdom grew a remarkable 123 per cent year-on-year to reach RO2.7bn (approximately US$7bn).

In a statement to Oman News Agency, Bandar bin Ibrahim al Khorayef, Saudi Minister of Industry and Mineral Resources, said that this growth in bilateral trade exchange confirms a common conviction for integration between the two countries. He also noted that there are significant opportunities in Oman and Saudi Arabia’s logistics and mining sectors.

Regarding an integrated economic zone in Dhahirah currently being established, Khorayef noted that such zones will save costs, accelerate trade exchange and stimulate investment in both countries.

He praised the strong Oman-Saudi relationship in various fields and affirmed Saudi Arabia’s keenness to enhance cooperation in all sectors with Oman, especially economic cooperation.