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Observer
19-05-2025
- Business
- Observer
HM's Spain visit reflects friendship between two nations
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.
Observer
18-05-2025
- Business
- Observer
steady efforts towards strategic 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 characterised 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 the late His Majesty Sultan Qaboos. Thamer bin Fayez Al Alawi, Oman's Ambassador to Spain Furthermore, the two leaders reviewed bilateral relations and exchanged views on regional and international issues of common interest during a phone call on October 8, 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 capitalising on opportunities in renewable energy, tourism, food security, infrastructure, technology and defence. 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 Spain-Oman 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 totalling 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 aluminium, 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, organised 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 civilisation. 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 Jabreen 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, recognising 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, emphasised 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 US and India make it an ideal partner, affirmed the ambassador. He pointed out that Spanish companies have increasingly recognised the importance of a sustained presence in Oman, with many specialising in engineering and construction having executed projects over the past two decades. Cooperation extends to energy, civil aviation, defence, logistics and tourism, with promising opportunities in space and clean energy. Francisco Javier Simone, Spain's Ambassador to Oman 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 travelling to Spain for business and tourism, while more Spanish people express interest in visiting Oman. On his turn, Faisal bin Abdullah al Rawas, 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 Spain-Oman 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. - ONA
