Latest news with #Algerian-Omani
Observer
11 hours ago
- Business
- Observer
Business forum strengthens Oman and Algeria economic ties
ALGIERS: Oman and Algeria reaffirmed their growing economic partnership during the Omani-Algerian Businessmen Forum held in Algiers on Tuesday, under the theme 'Algerian-Omani Economic Partnerships: Pioneering Areas and Promising Prospects.' The forum took place as part of Oman's participation as Guest of Honour at the 56th Algiers International Fair. The event brought together key officials and business leaders from both countries to explore avenues for trade, investment, and industrial collaboration. It underscored the shared commitment of Oman and Algeria to deepen their economic integration and capitalise on emerging opportunities in sectors ranging from manufacturing to logistics and urban development. Qais bin Mohammed al Yousef, Oman's Minister of Commerce, Industry and Investment Promotion, highlighted the significance of the forum in reinforcing bilateral relations. 'The participation of business leaders from both countries reflects our shared desire to enhance cooperation, expand trade, and explore new investment opportunities,' he said. Al Yousef emphasised Oman's efforts to diversify imports, promote Omani exports, and foster investment integration with Algeria. He noted that both governments are working to provide the necessary incentives, facilities, and enablers to empower the private sector to drive sustainable economic growth. 'Our aim is to build a competitive economy that can keep pace with global changes, while ensuring the sustainability of national development,' Al Yousef added. He also expressed hope that Oman's role as Guest of Honor at the fair would further strengthen trade and investment ties between the two nations. Tayeb Zitouni, Algeria's Minister of Internal Trade and National Market Control, praised the strong historical and brotherly relations between the two countries, which he said have reached a new strategic level in recent years. He pointed to recent high-level state visits — including the Algerian President's trip to Oman in October 2024 and His Majesty the Sultan's visit to Algeria in May 2025 — as pivotal moments that deepened bilateral understanding and commitment. Zitouni highlighted key joint initiatives, such as the $2.4 billion fertiliser production complex in Arzew and the establishment of the Algerian-Omani Investment Fund. He also mentioned new opportunities under study in automotive, energy, agriculture, and pharmaceuticals. 'There is strong potential to expand cooperation in vital sectors like tourism, services, and cultural and traditional industries,' Zitouni said. He called on stakeholders from both sides to redouble efforts to strengthen trade channels and maximise their complementary resources. Faisal bin Abdullah al Rawas, Chairman of the Oman Chamber of Commerce and Industry, noted that the forum provided a platform to explore joint ventures across various sectors. He singled out the pharmaceutical and manufacturing industries as areas of promising collaboration. Al Rawas emphasised Algeria's strategic geographic position, which offers access to broader regional markets, making it an attractive destination for Omani investors. — ONA
Observer
05-05-2025
- Business
- Observer
Oman, Algeria to enhance cooperation
His Majesty Sultan Haitham bin Tarik and President Abdelmadjid Tebboune of the People's Democratic Republic of Algeria commended the establishment of the 'Algerian-Omani Investment Fund' as a mechanism to finance joint investments between the two nations, enhance their volume, and ensure diversification and expansion across all sectors. This was stated in the joint communiqué issued on Monday on the occasion of the state visit of His Majesty Sultan Haitham bin Tarik to the People's Democratic Republic of Algeria on May 4-5. It reads as follows: 'At the invitation of President Abdelmadjid Tebboune of the People's Democratic Republic of Algeria, His Majesty Sultan Haitham bin Tarik, Sultan of Oman, paid a state visit to Algeria on May 4-5, accompanied by a high-ranking delegation. At the outset of the visit, President Tebboune welcomed His Majesty Sultan Haitham bin Tarik, praising this renewed meeting that reflects the fraternal relations, cooperation and solidarity binding the Algerian and Omani peoples. On his turn, His Majesty expressed his pleasure at visiting Algeria and extended his gratitude for the warm reception accorded to him and his accompanying delegation. He highlighted the distinguished ties between the two nations, rooted in historical, cultural and solidarity-based bonds, as well as a shared destiny. In an atmosphere of mutual understanding, the two leaders held in-depth and constructive discussions on bilateral relations and ways to strengthen them across various fields. They also exchanged views on regional and international issues of common interest and chaired an expanded meeting between the two delegations. Both sides praised the progress in bilateral relations in recent years, particularly following President Tebboune's state visit to Muscat during October 28-30, 2024, and the eighth session of the Joint Committee held in Algeria on June 11-12, 2024. They also commended the steps taken to implement the outcomes of these meetings. The two leaders affirmed their commitment to further enhancing cooperation and partnership, leveraging the vast potential of both countries. The two sides encouraged joint public and private sector investment projects, building on the successful partnership in fertiliser, ammonia and urea production in the Arzew industrial zone - a $2.4-billion project. They also welcomed ongoing discussions for projects in automotive manufacturing, energy, pharmaceuticals, and other sectors, urging their swift implementation and the exploration of new areas for mutual benefit. They lauded the establishment of the Algerian-Omani Investment Fund as a tool to finance joint ventures, increase their scope and ensure diversification across all fields. Regarding trade, the two leaders directed intensified efforts to boost trade volume, develop economic exchanges and utilise the commercial and economic capacities of both nations. They also highlighted the outcomes of the business forum held in Algeria on June 11, 2024, attended by entrepreneurs and companies from both countries. Additionally, they noted Oman's selection as the guest of honour at the 56th Algiers International Fair (June 23-28, 2025) and Algeria's participation as the guest of honour at the seventh Oman Agro Food Exhibition (December 1-3, 2025). MoUs SIGNED The two sides welcomed the signing of memoranda of understanding and executive programmes in justice, legal affairs, investment, agriculture, fisheries, pharmaceuticals, energy, mining, labour and employment. The leaders praised the deep historical and cultural ties between the two peoples, as well as the significant role played by the Algerian community in Oman in strengthening bilateral relations. On regional and international matters, the two leaders exchanged views on current developments, emphasising their commitment to coordinating their positions in line with their foreign policy principles and the interests of the Arab and Islamic nations. They stressed the importance of enhancing regional and global security and stability. Regarding the Arab world, they underscored the need for continued coordination with Arab brothers - bilaterally and within the Arab League - to strengthen joint Arab action and address multifaceted threats and challenges. SITUATION IN GAZA The two leaders addressed the tragic situation in Palestine, strongly condemning Israel's genocidal war and scorched-earth policy in Gaza, which has caused unprecedented humanitarian disasters and the destruction of vital infrastructure, including hospitals, schools and places of worship. They called on the international community, particularly the UN Security Council, to fulfil its responsibilities by demanding an immediate ceasefire in Gaza and working towards a comprehensive and just resolution to the Palestinian issue based on relevant international resolutions and the two-state solution - ensuring the Palestinian people's right to an independent state along the 1967 borders with Jerusalem as its capital. The Omani side commended Algeria's relentless efforts in defending the Palestinian cause at the UN Security Council as the Arab representative. The Algerian side praised Oman's constructive role in mediating between the US and Iran, applauding Omani diplomacy's approach to resolving disputes through peaceful dialogue and wisdom. At the end of the visit, His Majesty Sultan Haitham bin Tarik expressed his gratitude for the warm hospitality extended to him and his delegation. He wished President Tebboune good health and well-being, and Algeria further progress and prosperity.' - ONA
