Excellent Prospects for Broader Saudi-Omani Economic Cooperation, Integration

Saudi and Omani business sectors look forward to a qualitative leap in economic integration and trade and investment cooperation (Asharq Al-Awsat)
Saudi and Omani business sectors look forward to a qualitative leap in economic integration and trade and investment cooperation (Asharq Al-Awsat)
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Excellent Prospects for Broader Saudi-Omani Economic Cooperation, Integration

Saudi and Omani business sectors look forward to a qualitative leap in economic integration and trade and investment cooperation (Asharq Al-Awsat)
Saudi and Omani business sectors look forward to a qualitative leap in economic integration and trade and investment cooperation (Asharq Al-Awsat)

Saudi Arabia and Oman are on track towards greater commercial, investment, and economic cooperation and integration, especially in strategic sectors, industrial cities, logistics, renewable energy, and petrochemical manufactures, Omani and Saudi business sector experts predicted.

Oman’s ruler, Sultan Haitham bin Tarik, will be arriving in Saudi Arabia on Sunday for a two-day official visit and a summit with Saudi King Salman in the northwestern mega-city of Neom.

It is noteworthy that this visit is the Omani ruler’s first since being appointed as Sultan back in January and is set to produce a qualitative leap to boost cooperation and reinforce bilateral ties between the Kingdom and Sultanate.

Experts from both sides have called for formulating common visions and an annual work plan that includes specific objectives for raising the volume of trade and investment exchanges between the two countries.

Each of the Saudi-Omani Business Council (SOBC) and the Federation of Saudi Chambers (FSC) stated that the high-level visit reveals the depth of relations between the Kingdom and the Sultanate.

They also noted that economic cooperation would top the visit’s agenda given its significance to Saudi Arabia’s “Vision 2030” and Oman’s “Vision 2040.”

For his part, Saudi Commerce Minister Majid Al-Qasabi reasserted the depth and strength of Saudi-Omani bilateral relations across all fields, especially in the commercial domain, which currently is experiencing remarkable developments due to the ambitious visions of the two countries.

The two countries aim to raise their bilateral trade exchange volume, which reached over SAR58.6bn during the past six years (2015-2020), Al-Qasabi said.

He also stressed that the two sides are keen to consolidate cooperation through the SOBC to translate investment opportunities into tangible partnerships.

The SOBC is working to enhance joint work between Saudi Arabia and Oman to realize the grand ambitions leaderships have in both countries, the head of the SOBC, Nasser Bin Said Al-Hajiri, confirmed to Asharq Al-Awsat.

Moreover, Al-Hajiri revealed that the SOBC is working on enhancing available opportunities, raising the exchange of visits for governmental, commercial, and investment delegations, and boosting cooperation between research and study centers in the two countries.



Turkish Inflation Falls to 35.4% in May, Below Forecast 

People on a ferry cross the Bosphorus backdropped by the Galata Tower during sunset in Istanbul, Türkiye, 28 May 2025. (EPA)
People on a ferry cross the Bosphorus backdropped by the Galata Tower during sunset in Istanbul, Türkiye, 28 May 2025. (EPA)
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Turkish Inflation Falls to 35.4% in May, Below Forecast 

People on a ferry cross the Bosphorus backdropped by the Galata Tower during sunset in Istanbul, Türkiye, 28 May 2025. (EPA)
People on a ferry cross the Bosphorus backdropped by the Galata Tower during sunset in Istanbul, Türkiye, 28 May 2025. (EPA)

Turkish annual inflation dipped to 35.41% in May, official data showed on Tuesday, below a Reuters poll forecast and less than half the level of more than 75% that it reached a year earlier.

Month-on-month, consumer price inflation was 1.53%, the Turkish Statistical Institute said, also below forecasts. In April, inflation stood at 3.0% on a monthly basis and 37.86% annually.

In a Reuters poll, the monthly inflation rate was expected to be 2.0% in May, with the annual rate seen at 36.1%.

Annual increases were led by education prices, which were up 71.67% on the year, while housing prices climbed 67.43%. Food and non-alcoholic drinks prices rose 32.87%.

Inflation is seen at around 30% by end-2025, the poll showed, above a central bank forecast of 24%. Economists have revised up year-end inflation forecasts since March despite the central bank's recent tightening steps.

In March, Turkish assets suffered, with the lira touching a record low against the US dollar after Istanbul Mayor Ekrem Imamoglu - President Recep Tayyip Erdogan's chief political rival - was jailed pending trial over graft charges that he denies.

The domestic producer price index rose 2.48% month-on-month in May for an annual rise of 23.13%, the data showed.