HM's Spain visit reflects friendship between two nations

Observer

19-05-2025

The upcoming visit of His Majesty Sultan Haitham bin Tarik to the Kingdom of Spain from May 20 to 22, marks a pivotal moment in the relationship between Oman and Spain, which spans over five decades whose diplomatic relations were established in 1972.
The relationship has been characterised by mutual respect and constructive cooperation, leading to a robust partnership across various fields, particularly in politics and economics. Oman and Spain share collaborative efforts in numerous sectors to enhance economic and investment cooperation. These sectors include renewable energy, tourism, food security, infrastructure, technology and defence.
Economic and investment ties have flourished since the 1980s. A significant outcome of this partnership is the Spain-Oman Private Equity Fund (SOPEF), established in 2018 through a collaboration between the Oman Investment Authority and Spain's state-owned COFIDES.
The fund was bolstered in 2023, reaching a total value of approximately RO 133 million, with investments in 11 Spanish companies across sectors such as food industries, renewable energy, technology, healthcare and marketing.
Recent years have seen a significant expansion in agreements between the two countries' sovereign wealth funds. Oman has become the third-largest recipient of Spanish investments in the GCC, amounting to around RO 37 million, positioning it as a reliable and attractive partner for Spanish economic sectors.
Over 30 Spanish companies are developing strategic projects in Oman. Examples include Aqualia collaborating with Majis Company in managing water facilities at Sohar Port, Elecnor implementing solar and wind energy projects, and Técnicas Reunidas involved in the new Duqm refinery.
Efforts to strengthen economic cooperation were further highlighted by the first Oman-Spain Business Forum held in Madrid and Barcelona in October 2024, organised in collaboration with the two countries' chambers of commerce. The Spanish market is seen as a gateway for Omani investments into Europe.
Trade between the two nations reached nearly RO 94 million by the end of 2024. Oman's exports to Spain totalled RO 33.8 million, while imports from Spain amounted to RO 60.4 million.
Key imports from Spain include ships, aircrafts, vehicles, foundry products, flooring and ammunition.
Oman's primary exports to Spain consist of aluminium, plastics, electrical materials, organic chemical products and frozen fish. Omani-Spanish relationship extends beyond commerce into the cultural and historical realms, with deep-rooted historical connections dating back to the Arab migration to Andalusia.
Oman is committed to promoting its cultural, heritage, tourism and academic wealth in line with Oman Vision 2040.
This was showcased at the FITUR International Tourism Fair, where Oman's pavilion won the award for best innovative design. The importance of learning the Arabic and Spanish languages is stressed to strengthen academic relations and long-term people-to-people exchanges. There is a growing sense of closeness between the two peoples, with increased travel between the countries for business and tourism.
Bilateral and multilateral coordination between Oman and Spain is crucial in promoting regional and global stability through joint efforts in security, mediation and conflict resolution.
Their political stances align closely, as seen in their unified votes at the UN General Assembly on key issues, including ending the occupation of Palestinian territories, recognising the State of Palestine and supporting the two-state solution.
This reflects a shared commitment to protecting international order, multilateralism, and peoples' right to self-determination and peaceful coexistence. The bilateral relationship is described as exceptionally friendly and robust, marked by mutual respect and strong institutional ties. Both Oman and Spain take pride in their joint efforts to promote global understanding and cooperation, alongside advocating dialogue and adherence to international law in conflict resolution.