Latest news with #OmanSpainRelations
Zawya
20-05-2025
- Business
- Zawya
Oman & Spain: Partnership amidst global opportunities
The Sultanate of Oman and the Kingdom of Spain share a relationship marked by growing economic cooperation, building on a foundation of strong diplomatic ties. While the economic partnership is still developing, it holds significant potential for both nations, particularly as they navigate evolving global challenges and seek new avenues for growth. This analysis explores the multifaceted relationship between Oman and Spain, examining its historical context, current economic ties and future opportunities. The relationship between Oman and Spain is rooted in a history of diplomatic engagement, with formal relations established in 1972. This initial step has been crucial in fostering a climate of mutual respect and cooperation, setting the stage for increased collaboration across various sectors. The establishment of reciprocal embassies in the mid-2000s further solidified this foundation, enhancing communication and facilitating stronger economic links. High-level visits and agreements, such as the significant visit by King Juan Carlos I of Spain in 2014, have underscored the commitment from both sides to expand their cooperation. Examining the economic ties between Oman and Spain reveals a trade relationship with growth potential. While the overall trade volume has been described as 'relatively modest,' it has shown a general upward trend over the past decade. In 2023, Spain recorded a trade surplus with Oman, amounting to $27 million. Data indicates Oman's exports to Spain were valued at $246 million, while Spain's exports to Oman totalled $249 million. However, more recent monthly data suggests a contraction in trade volumes, highlighting the influence of factors such as commodity price volatility. Oman's exports to Spain are concentrated in mineral fuels, oils and aluminium, reflecting its resource-based economy. Spain's exports to Oman are more diversified, including machinery, transport equipment and manufactured goods. Specifically, Oman's exports to Spain include mineral fuels, oils ($33.57 million), aluminium ($32.48 million) and plastics ($19.10 million). Spain's exports to Oman feature ships ($31.83 million), aircraft ($24.93 million) and vehicles ($23.07 million). Investment is a vital component of the Oman-Spain economic relationship. The Spain Oman Private Equity Fund (SOPEF), a joint initiative between the Oman Investment Authority (OIA) and the Spanish development finance institution COFIDES, is a key example. SOPEF has allocated €300 million to support the internationalisation of Spanish companies and contribute to the economic development of both nations. Spanish investments in Oman include Union Fenosa Gas's stake in Qalhat LNG and Indra Sistemas' provision of air traffic management systems. These investments highlight Spain's involvement in Oman's energy and infrastructure sectors, while initiatives like SOPEF aim to foster broader economic diversification and collaboration. For Oman, this economic relationship presents opportunities to advance its Oman Vision 2040 diversification goals. Collaboration with Spanish firms offers avenues for technology transfer, access to new markets and enhanced competitiveness. Spain's membership in the European Union provides a strategic entry point for Omani products into the EU market. Omani companies, particularly SMEs, can explore niche markets in Spain, focusing on unique products and leveraging platforms like the Barcelona seafood expo to connect with Spanish partners. Spain also benefits significantly from this partnership. Oman represents a growing market for Spanish exports, including machinery, transport equipment and manufactured goods. Initiatives like SOPEF facilitate the internationalisation of Spanish companies and provide access to new investment opportunities in Oman and the broader Middle East. Furthermore, Oman is a reliable supplier of LNG to Spain, contributing to Spain's energy security. Several sectors have been identified as key areas for enhanced collaboration. These include renewable energy, where Oman's potential aligns with Spain's expertise; tourism, where Spain's experience can support Oman's growth plans; logistics and infrastructure, leveraging Spain's advanced capabilities; technology and digital transformation, fostering innovation and knowledge transfer; and manufacturing and agribusiness, promoting diversification and food security. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Times of Oman
18-05-2025
- Business
- Times of Oman
Oman & Spain: Steady efforts toward strategic relations and new partnerships
Muscat: The Sultanate of Oman- under the leadership of His Majesty Sultan Haitham bin Tarik—seeks to maximise the benefits of its distinguished relations with countries around the world, fostering mutual interests and upholding the principles of international peace and security. In this context, His Majesty's upcoming state visit to the Kingdom of Spain stands as one of the key milestones, building upon over five decades of advanced bilateral ties rooted in mutual respect and understanding. Over the past fifty years, the Omani-Spanish relations have been characterized by mutual respect and constructive cooperation, solidifying a robust partnership across various fields, most notably in politics and economics. This has been evident through the exchange of visions, high-level meetings, and bilateral agreements, including the visit of King Felipe VI of Spain to meet His Majesty Sultan Haitham bin Tarik to offer condolences following the demise of late Sultan Qaboos bin Said. Furthermore, the two leaders reviewed bilateral relations and exchanged views on regional and international issues of common interest during a phone call on 8 October 2024. Additionally, former King Juan Carlos I of Spain made several visits to Oman, the latest in 2014, which saw the signing of multiple agreements and memoranda of understanding across various sectors. Oman and Spain share collaborative efforts in numerous sectors to enhance economic and investment cooperation. Business forums, agreements, and MoUs between public and private sectors, along with investment funds, contribute to integration in this regard, strengthening mutual benefits and capitalizing on opportunities in renewable energy, tourism, food security, infrastructure, technology, and defense. Thamer bin Fayez Al Alawi, Oman's Ambassador to Spain, stated: "This historic visit reflects the depth and strength of the close friendship between our two nations. The meeting of the two leaders will serve as a powerful catalyst to elevate the strategic partnership that has existed since the establishment of diplomatic relations in 1972 to broader horizons across all fields." He explained to Oman News Agency (ONA) that the Omani-Spanish relations continue to grow steadily, marked by close bilateral cooperation that has yielded multiple partnerships at various levels. Notably, economic and investment ties have flourished since the 1980s, culminating in the establishment of the Oman-Spain Private Equity Fund (SOPEF) in 2018—a fruitful result of the economic partnership between Oman Investment Authority and Spain's state-owned COFIDES. The fund was further 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. He noted that recent years have seen a significant expansion in agreements between the two countries' sovereign wealth funds, operating on an international scale. 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, including tourism, civil engineering, chemical and metal industries, water management, and commercial activities. Trade between the two nations reached nearly RO 94 million by the end of 2024, with Oman's exports to Spain totaling RO 33.8 million and imports from Spain amounting to RO 60.4 million , according to the National Centre for Statistics and Information. Key imports from Spain include ships, aircrafts, vehicles, foundry products, flooring, and ammunition, while Oman's primary exports to Spain consist of aluminum, plastics, electrical materials, organic chemical products, and frozen fish. Over 30 Spanish companies are developing strategic projects in Oman, such as Aqualia, which collaborates with Majis Company in managing water facilities at Sohar Port. Spanish company Elecnor is implementing solar and wind energy projects in Oman, while Técnicas Reunidas is 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, organized in collaboration with the two countries' chambers of commerce. On cultural ties, the ambassador noted the deep-rooted historical connections dating back to the Arab migration to Andalusia and their role in its civilization. Among prominent Omani figures in Andalusia was the physician Abdullah bin Mohammed Al Uzdi Al Sohari (Ibn Al-Dhahabi), author of the Encyclopedia of Water (the first linguistic-medical dictionary in history), who passed away in Valencia in 1064. Further evidence of historical ties includes Spanish researchers identifying royal Spanish insignia engraved on ancient cannons in Omani forts, particularly at Jabrin Castle. The ambassador affirmed that Oman remains committed to promoting its cultural, heritage, tourism, and academic wealth in line with Oman Vision 2040. This was vividly showcased at the FITUR International Tourism Fair, where Oman's pavilion won the award for best innovative design, enhancing its image as a tourist destination for Spanish audiences. An Omani cultural evening held on the sidelines attracted over 300 high-profile guests, offering insights into Oman's rich heritage and tourism attractions, he added. Bilateral and multilateral coordination between the two nations is crucial in promoting regional and global stability through joint efforts in security, mediation, and conflict resolution, stressed the ambassador. 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, recognizing the State of Palestine, and supporting the two-state solution—reflecting a shared commitment to protecting international order, multilateralism, and peoples' right to self-determination and peaceful coexistence, pointed out the Ambassador. For his part, Francisco Javier Simone, Spain's Ambassador to Oman, emphasized that relations between the two nations are exceptionally friendly and robust, marked by mutual respect and strong institutional ties. Both countries take pride in their joint efforts to promote global understanding and cooperation, alongside advocating dialogue and adherence to international law in conflict resolution. He told Oman News Agency (ONA) that His Majesty the Sultan's visit holds immense significance for bilateral relations, serving as a unique opportunity to assess past cooperation and explore new collaborative avenues. Oman's strategic regional position and trade ties with major markets like the U.S. and India make it an ideal partner, affirmed the ambassador. He pointed out that Spanish companies have increasingly recognized the importance of a sustained presence in Oman, with many specializing in engineering and construction having executed projects over the past two decades. Cooperation extends to energy, civil aviation, defense, logistics, and tourism, with promising opportunities in space and clean energy. When it comes to culture, the ambassador stressed the importance of learning the Arabic and Spanish language to strengthen academic relations and long-term people-to-people exchanges. He noted a growing sense of closeness between the two peoples, with Omanis frequently traveling to Spain for business and tourism, while more Spanish people express interest in visiting Oman. On his turn, Faisal bin Abdullah Al Rowas, Chairman of Oman Chamber of Commerce and Industry (OCCI), stated that His Majesty the Sultan's visit to Spain marks a pivotal moment in strengthening bilateral relations, reflecting the deep-rooted ties between the two nations. The visit underscores His Majesty's keenness on enhancing economic cooperation and opening new avenues for trade and investment partnerships, he added. He noted the significant progress in economic cooperation and trade between the two countries, with the OCCI working alongside its Spanish counterpart to explore promising investment opportunities across various sectors. Business forums have played a key role in fostering private-sector engagement, facilitating trade discussions, and developing joint projects that support economic diversification and mutual investment, he pointed out. "We take pride in the success of the Oman-Spain Private Equity Fund, which embodies the two nations' commitment to long-term economic partnerships. The fund allows the Omani market to benefit from Spanish expertise, technology transfer, and profitable returns, contributing to economic growth in both countries," he said. He highlighted promising opportunities for cooperation in vital sectors such as industry, tourism, the digital economy, medical tourism, and food resource management, noting that the Spanish market serves as a gateway for Omani investments into Europe.
Times of Oman
18-05-2025
- Politics
- Times of Oman
His Majesty to visit Spain
Muscat: His Majesty Sultan Haitham bin Tarik will pay a state visit to the Kingdom of Spain on Tuesday. The statement issued by the Diwan of Royal Court today stated: "To consolidate the bonds of friendship between the Sultanate of Oman and the Kingdom of Spain, enhance cooperation and make them more comprehensive, His Majesty the Sultan will pay a state visit to the Kingdom of Spain from the 20 to 22 May 2025."
