Oman’s Minister of Economy, Dr. Said Mohammed Al-Saqri, highlighted the flourishing economic cooperation between Oman and Saudi Arabia. Over the past two years, since the establishment of the Saudi-Omani Coordination Council and the opening of a direct land border, these Gulf nations have witnessed substantial progress in various sectors.
One remarkable aspect of this collaboration is the significant growth in non-oil trade. Omani non-oil exports to Saudi Arabia surged by approximately 33.9% in 2022, reaching $2.4 billion, up from $1.68 billion in 2021. Saudi Arabia accounted for 10.5% of Oman’s non-oil exports in 2022.
Dr. Al-Saqri highlighted the abundant investment opportunities for Saudi investors, particularly in the oil and gas sector, spanning exploration, production, support services, and related industries. However, the real allure lies in clean and renewable energy, including solar, wind energy, and green hydrogen. These avenues align with sustainable energy solutions and carbon emission reduction, presenting lucrative prospects for investors.
The Saudi-Omani Coordination Council, established in July 2021, has played a pivotal role in boosting economic and trade cooperation between the two nations. It aims to deepen their bilateral ties across various domains, including politics, economics, security, military affairs, and human development. This cooperative framework facilitates agreements and joint projects to enhance investment, thereby fostering economic growth.
Oman’s Vision 2040 and Saudi Vision 2030, both focused on diversifying their economies and reducing oil dependence, provide further impetus for mutual cooperation. They emphasize increased private sector participation, attracting foreign direct investments, and sustainable economic growth.
In terms of economic projects, Saudi Arabia’s Public Investment Fund (PIF) allocated $5 billion to establish a Saudi-funded company in Oman. This initiative has already led to several joint economic projects spanning various sectors, from oil and gas to infrastructure and tourism.
The collaboration between Oman and Saudi Arabia has significantly boosted trade volume between the two nations. Oman’s non-oil exports to Saudi Arabia grew by 33.9% in 2022, while imports from Saudi Arabia to Oman rose by 12% during the same period. These trends are expected to continue with the launch of more collaborative projects and investment opportunities, especially following the direct land route connecting Oman and Saudi Arabia.
Dr. Al-Saqri emphasized that Oman’s investment environment is highly attractive to foreign investors, thanks to its strategic location, economic stability, transparent legal framework, advanced infrastructure, and streamlined investment procedures. This, coupled with the numerous investment opportunities, positions Oman as a reliable destination for Saudi investors and beyond.
In the energy sector, the minister noted that the oil and gas industry offers substantial investment potential, encompassing exploration, production, support services, and related industries. However, the growing emphasis on clean and renewable energy, such as solar, wind, and green hydrogen, presents strategic investment opportunities aligned with sustainable energy solutions and emission reduction.
