Latest news with #Oman-SaudiBusinessCouncil
Leaders
20-02-2025
- Business
- Leaders
Saudi-Oman Trade Soars: New Three Pacts Ignite Economic Growth
Economic relations between Saudi Arabia and Oman celebrate a remarkable milestone as their trade volume reaching SAR 21 billion (US$5.66 billion) by December 2024. This significant growth follows the signing of three pivotal agreements during the recent Oman-Saudi Business Forum. The Oman Chamber of Commerce and Industry (OCCI) organized the forum in collaboration with the Oman-Saudi Business Council. Key stakeholders united at this event to explore new investment opportunities beneficial to both nations' economies. Qais bin Mohammed al Yousef, Minister of Commerce, Industry, and Investment Promotion, inaugurated the forum alongside Sheikh Faisal Abdullah Al Rowas, Chairman of OCCI. Dynamic Agreements in Key Sectors The forum resulted in agreements covering technology, legal services, and manufacturing. Bayanat Technology Company of Oman partnered with MBH Transport of Saudi Arabia to develop a cloud-based warehouse and inventory management system. Furthermore, Dr. Sarhan al Raisi Law Firm of Oman teamed up with Mohammed al Balawi Commercial Business Group of Saudi Arabia for legal consultancy in Oman. Lastly, Mass International Company of Oman and Al Astura International Company of Saudi Arabia agreed to establish a gold and jewelry manufacturing facility. Oman's Non-Oil Exports to Saudi Arabia Saudi Arabia ranks as the second-largest market for Omani non-oil exports, valued at SAR 2.03 billion as of November 2024. The UAE remains the leading destination for these exports, reaching SAR 2.48 billion. Al Yousef emphasized the importance of sustained partnership, highlighting initiatives such as supply chain enhancements and logistical improvements. The Future Factories Programme also aims to reduce transportation costs and boost operational efficiency at border crossings. OCCI Chairman Al Rowas reaffirmed the deep-rooted historical and commercial ties shared between Oman and Saudi Arabia. He underscored their commitment to strengthening economic collaboration. Following the forum, the Oman-Saudi Business Council convened its first meeting, discussing Omani product exports and Rub al Khali border crossing efficiency. Expanding Key Investment Opportunities Bilateral meetings facilitated in-depth discussions among business leaders from both countries. Participants focused on investment opportunities in various sectors, including real estate, mining, oil and gas. Additionally, they addressed logistics, healthcare, finance, insurance, retail, and food security. The importance of economic diversification and sustainable development aligned with both nations' long-term economic visions emerged as significant topics. As part of ongoing efforts to strengthen ties, a Saudi delegation plans to visit Dhahirah on Thursday. They will meet with Governor Najib bin Ali al Rawas to explore investment and commercial opportunities in the governorate. This visit aims to further expand the economic cooperation between these neighboring countries. Short link : Post Views: 26
Zawya
20-02-2025
- Business
- Zawya
Oman-Saudi trade grows to $5.6bln; 3 pacts inked
Muscat: Economic relations between Oman and Saudi Arabia continue to grow, with trade volume between the two countries reaching RO2.18bn (US$5.66bn) by the end of December 2024. The partnership is set to expand further following the signing of three agreements on Wednesday at the Oman-Saudi Business Forum. Organised by Oman Chamber of Commerce and Industry (OCCI) in collaboration with Oman-Saudi Business Council, the forum brought together key stakeholders to explore new investment opportunities. The event was inaugurated by H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, along with Sheikh Faisal bin Abdullah al Rawas, Chairman of OCCI. The agreements signed at the forum cover the sectors of technology, legal services and manufacturing. Bayanat Technology Company of Oman and MBH Transport of Saudi Arabia agreed to set up a cloud-based warehouse and inventory management system. Dr Sarhan al Raisi Law Firm of Oman partnered with Mohammed al Balawi Commercial Business Group of Saudi Arabia to provide legal consultancy and support for commercial operations in Oman. The third agreement, between Mass International Company of Oman and Al Astura International Company of Saudi Arabia, will see the establishment of a gold and jewellery manufacturing facility in the sultanate. Saudi Arabia was the second-largest market for Omani non-oil exports, valued at RO764mn till November 2024, behind the UAE at RO935mn. H E Yousef stressed the importance of continued partnership and integration, citing initiatives such as supply chain enhancement, logistical advancements and the Future Factories Programme. Efforts to reduce transportation costs and improve operational efficiency at border crossings were also discussed. OCCI chairman Rawas reaffirmed the deep-rooted historical and commercial ties between Oman and Saudi Arabia, underscoring the commitment to strengthen economic collaboration. Following the forum, the Oman-Saudi Business Council held its first meeting of the year, addressing key issues including export of Omani products to Saudi Arabia and the efficiency of Rub al Khali border crossing. Bilateral meetings at the forum facilitated discussions between business leaders of the two countries, focusing on investment opportunities in real estate, mining, industry, oil and gas, logistics, healthcare, information technology, finance, insurance, retail, and food security. Participants emphasised the importance of economic diversification and sustainable development in alignment with the long-term economic visions of both nations. As part of ongoing efforts to strengthen ties, a Saudi delegation will visit Dhahirah on Thursday to meet Governor Najib bin Ali al Rawas. The visit will explore investment and commercial opportunities in the governorate, further expanding the scope of economic cooperation. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Muscat Daily
19-02-2025
- Business
- Muscat Daily
Oman-Saudi trade grows to RO2.18bn; 3 pacts inked
Muscat – Economic relations between Oman and Saudi Arabia continue to grow, with trade volume between the two countries reaching RO2.18bn (US$5.66bn) by the end of December 2024. The partnership is set to expand further following the signing of three agreements on Wednesday at the Oman-Saudi Business Forum. Organised by Oman Chamber of Commerce and Industry (OCCI) in collaboration with Oman-Saudi Business Council, the forum brought together key stakeholders to explore new investment opportunities. The event was inaugurated by H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, along with Sheikh Faisal bin Abdullah al Rawas, Chairman of OCCI. The agreements signed at the forum cover the sectors of technology, legal services and manufacturing. Bayanat Technology Company of Oman and MBH Transport of Saudi Arabia agreed to set up a cloud-based warehouse and inventory management system. Dr Sarhan al Raisi Law Firm of Oman partnered with Mohammed al Balawi Commercial Business Group of Saudi Arabia to provide legal consultancy and support for commercial operations in Oman. The third agreement, between Mass International Company of Oman and Al Astura International Company of Saudi Arabia, will see the establishment of a gold and jewellery manufacturing facility in the sultanate. Saudi Arabia was the second-largest market for Omani non-oil exports, valued at RO764mn till November 2024, behind the UAE at RO935mn. H E Yousef stressed the importance of continued partnership and integration, citing initiatives such as supply chain enhancement, logistical advancements and the Future Factories Programme. Efforts to reduce transportation costs and improve operational efficiency at border crossings were also discussed. H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion OCCI chairman Rawas reaffirmed the deep-rooted historical and commercial ties between Oman and Saudi Arabia, underscoring the commitment to strengthen economic collaboration. Following the forum, the Oman-Saudi Business Council held its first meeting of the year, addressing key issues including export of Omani products to Saudi Arabia and the efficiency of Rub al Khali border crossing. Bilateral meetings at the forum facilitated discussions between business leaders of the two countries, focusing on investment opportunities in real estate, mining, industry, oil and gas, logistics, healthcare, information technology, finance, insurance, retail, and food security. Participants emphasised the importance of economic diversification and sustainable development in alignment with the long-term economic visions of both nations. As part of ongoing efforts to strengthen ties, a Saudi delegation will visit Dhahirah on Thursday to meet Governor Najib bin Ali al Rawas. The visit will explore investment and commercial opportunities in the governorate, further expanding the scope of economic cooperation.
Times of Oman
19-02-2025
- Business
- Times of Oman
Oman-Saudi Business Council discusses export and import operations
Muscat: The Oman-Saudi Business Council on Wednesday held its first meeting of the year (2025) in Muscat. The meeting explored ways to increase export and import operations through the Rub Al Khali (Empty Quarter) Checkpoint that links the Sultanate of Oman and the Kingdom of Saudi Arabia (KSA). The meeting was chaired by Ali bin Hamad Al Kalbani, Head of the Omani side of the Oman-Saudi Business Council and Nasser bin Said Al Hajeri, Head of the Saudi side of the Council. Ali bin Hamad Al Kalbani stressed that the meeting comes in light of the growing development witnessed by Omani-Saudi relations. These relations, he said, are pressing ahead with confident steps towards enhancing the desired economic integration, thanks to the keenness of the leaderships of the two countries to develop the relations in a way that achieves the aspirations of their peoples. In his speech, he added that the Council seeks to enhance and enable communication between the private sector in both countries and the government authorities concerned with the prime aim to develop and protect mutual investments, find solutions to the challenges that investors may face, and explore investment opportunities. For his part, Nasser bin Said Al Hajeri said that the joint cooperation between the two countries supports sustainable development and enhances investment opportunities in various sectors in line with Saudi Vision 2030 and Oman Vision 2040. He added that the Council is keen on the partnership between the business sectors in the two countries, which represents a fundamental pillar for growth and prosperity. He stressed that the Council is seeking to enhance economic integration and open new horizons for investment and cooperation.
