SAUDI ARABIA

Al-Ajlan: Great opportunities for economic integration between Saudi Arabia and Oman

July 10, 2021
Chairman of the Council of Saudi Chambers Ajlan Bin Abdulaziz Al-Ajlan
Chairman of the Council of Saudi Chambers Ajlan Bin Abdulaziz Al-Ajlan

RIYADH — Chairman of the Council of Saudi Chambers Ajlan Bin Abdulaziz Al-Ajlan has praised the steady development of the Saudi-Omani relations in all fields, stressing that the visit of Oman Sultan Haitham Bin Tarik to the Kingdom expresses the strength of the political will in strengthening the relations between the two countries.

Al-Ajlan expressed the Saudi business sector's optimism about this historic visit, and what is expected to result from it in bilateral cooperation agreements in various fields, marking the launch of a new phase of relations between the two countries, in a way that enhances their regional and international standing, and pushes forward the course of trade and investment relations.

He stressed that the Kingdom and Oman have the necessary ingredients and capabilities that qualify them to establish real economic integration relations, based on the Kingdom’s Vision 2030 and Oman’s Vision 2040, as they include huge opportunities and projects that can be utilized to make Oman the Kingdom’s first trading partner in the region, which will reflect positively on the economic status of the two countries, both sides’ business sectors, joint investments, and job opportunities.

In this context, he called for more efforts to be exerted to overcome trade and investment obstacles and challenges, thus contributing to raising the volume of trade exchange, which is still below ambitious levels, and less than the size of the available opportunities, as it did not exceed SR10 billion in 2020.

He also highlighted the economic importance of the land road and the border crossing between the Kingdom and Oman, which will open broad prospects for economic cooperation, and revitalize the trade movement between the two countries.

Al-Ajlan said the Federation of Saudi Chambers will strongly support efforts to develop Saudi-Omani economic relations in coordination with public and private agencies in the two countries.

This they will do by encouraging exports, exchanging goods and services, establishing joint investment and commercial projects, intensifying meetings and trade delegations, holding forums and exhibitions, and providing information on available investment opportunities to both sides, and contribute to overcoming challenges, improving the investment climate, and introducing business owners to ways and channels of financing and supporting joint projects.

He reviewed the most important areas of cooperation between the two countries such as the industrial sector, especially the petrochemical industry, specialized manufacturing chemicals, feed, and food industries, tourism, entertainment and hotels, the real estate and logistics sector, fisheries, and fisheries sector, mining and maritime transport.

In order to develop trade and investment relations, Al-Ajlan suggested focusing on exploiting the comparative advantages, including the freedom of movement of goods and individuals, within the scope of the agreements of the Gulf Cooperation Council (GCC) and priority sectors.

He also called on benefiting from the Kingdom’s industrial capabilities and the strategic location of Oman in accessing the international markets, underlining the important role being played by the Saudi-Omani Business Council, which was established in 2005, in developing commercial relations and strengthening partnerships between business owners in both countries.

Al Ajlan said the competent authorities in Oman seek to attract Saudi investments in various sectors and promise to provide great investment facilities and incentives, especially in the Duqm Economic Zone, which is characterized by its strategic location on the Arabian Sea near international shipping lines, including many incentives for investors including tax and customs exemptions.

He added, "On our part, we encourage Omani businessmen to invest in the Kingdom and take advantage of the favorable investment climate and promising investment opportunities, and to enter into partnerships with their Saudi counterparts."

Al-Ajlan called on the Saudi and Omani business sectors to invest in the momentum of the Sultan of Oman’s visit to the Kingdom and the support and strong political will to develop promising commercial and investment partnerships between the two sides, hoping that this visit would contribute to strengthening the bonds of the strategic partnership between the two countries. — SPA


July 10, 2021
1100 views
HIGHLIGHTS
SAUDI ARABIA
3 hours ago

Public Prosecution orders arrest of two suspects in assault case

SAUDI ARABIA
8 hours ago

Saudi Arabia reopens consular section at Kabul embassy

SAUDI ARABIA
8 hours ago

Saudi Arabia scales up readiness to confront Omicron

X