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Saudi Arabia, Oman Close to Inaugurating Border Crossing

Saudi Arabia, Oman Close to Inaugurating Border Crossing

Monday, 16 December, 2019 - 13:15
The Saudi-Omani Investment Forum (Asharq Al-Awsat)

The Saudi-Omani Investment Forum, organized by the Council of Saudi Chambers (CSC) in Riyadh, discussed investment opportunities and possible economic integration between the two countries.

At the forum, officials announced that Riyadh and Muscat are close to inaugurating a border crossing to increase their level of commerce, after trade exchange between them exceeded $2.8 billion in 2018.

Governor of Saudi Arabian General Investment Authority (SAGIA) Ibrahim al-Omar confirmed that more than 10 percent of Saudi exports to the Gulf Cooperation Council Countries (GCC) are sent to Oman, saying it is an ideal destination to attract Saudi investments and forge partnerships in various fields.

Chairman of Oman's Public Authority for Investment Promotion and Export Development (Ithraa) Yahya al-Jabri explained that Muscat will provide a number of facilities and incentives to attract Saudi investments, asserting that it is looking forward to achieving economic integration with Riyadh.

Jabri stressed that Oman welcomes the private sector to identify the promising opportunities, noting that the two countries’ leaderships show a great interest in Omani-Saudi relations.

The Chairman stated that this interest stems from their belief in the need to strengthen cooperation between them, unify the vision towards joint issues, and support anything that achieves their interests.

Oman’s exports to Saudi Arabia amounted to $1.5 billion in 2018, with a 25.6 percent increase. While its imports from the Kingdom in the same year amounted to about $826 million, a 10 percent drop from 2017.

Chairman of the Council of Saudi Chambers (CSC) Sami al-Obaidi indicated that Oman comes in third place among GCC states in terms of volume of trade with the Kingdom, with a total $2.8 billion in 2018.

Obaidi pointed that the Saudi-Omani business forum is a new joint cooperation between both countries to stimulate investment opportunities.

Meanwhile, Chairman of the Oman Chamber of Commerce and Industry (OCCI) Qais al-Yusuf suggested holding the forum annually and alternately between the two countries.

Yusuf pointed out that Saudi Arabia and Oman share economic trends aimed at diversifying their economies and attract investments between the two countries.

The Chairman stressed the importance of strengthening bilateral, historic, and commercial relations, noting the positive results achieved by the visit of the Saudi delegation to Oman during the past year.

He pointed out that the total Saudi exports to the Sultanate amounted to $730.6 million in the first 9 months of 2019, compared to imports of $1.5 billion with a total trade exchange of $2.3 billion during that period.

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