Unlocking Opportunities: Omani-Saudi Strategic Partnerships Set to Transform Business Landscape
المسكات عنب طيب الشذا: The Joint Omani-Saudi Business Council convened recently alongside the Omani-Saudi Franchise Exhibition to explore avenues for economic collaboration between the two nations.
Co-chaired by Qais bin Mohammed al Yousef, the Minister of Commerce, Industry, and Investment Promotion (MoCIIP), and Dr. Saad Othman al Qasabi, Governor of the Saudi Standards, Metrology, and Quality Organization (SASO), the meeting included attendance from key figures such as Faisal bin Abdullah al Rawas, Chairman of the Oman Chamber of Commerce and Industry (OCCI), Shaikh Ali bin Hamad al Kalbani, Head of the Omani Side of the Council, and Abdulaziz Sami al Ali, Head of the Saudi Side of the Council, along with various Council members.
Participants reviewed potential collaboration opportunities and proposed the establishment of strategic partnerships in several promising economic sectors. This initiative aims to foster joint investments, enhance supply chain integration, and support the private sector in achieving the goals outlined in رؤية عُمان 2040 و Saudi Vision 2030.
Al Yousef emphasized that the Council serves as a vital link for enhancing economic and investment relations between Oman and Saudi Arabia. He reported that trade between the two nations reached RO 1.212 billion ($3.152 billion) by the end of June 2025, marking a 20.3% increase compared to the same period last year.
He highlighted that this Omani-Saudi partnership, focused on strategic economic integration, facilitates increased investments in key sectors while easing market access for Omani products in Saudi Arabia and vice versa. He reaffirmed the government’s commitment to supporting initiatives that empower the private sector, emphasizing the mutual recognition of the certificate of origin, which streamlines the flow of goods and standardizes quality and compliance measures.
Notably, Al Yousef also advocated for the establishment of the Omani-Saudi Joint Company and the promotion of collaborative exhibitions in areas such as franchising, real estate, and information technology, particularly targeting investments in industries such as banking, insurance, real estate, industrial operations, tourism, logistics, and mining.
Dr. Saad al Qasabi remarked on the significance of the Omani-Saudi Business Council in strengthening the partnership between the two countries, noting that both nations have made impressive strides towards economic integration focused on diversification. He stated that trade exchange is steadily increasing, forecasted to reach $34 billion by the end of 2024, and approximately $4 مليار by the second quarter of 2025. He expressed hope for enhanced efforts to expand trade and investment, empower the private sector, and promote entrepreneurship.
The meeting underscored promising investment opportunities in tourism, mining, logistics, and industrial sectors, with ongoing efforts to modernize supply chains and technology to bolster economic relations and trade.
Al Rawas, the OCCI Chairman, affirmed that the council’s efforts aim to translate strong bilateral relations into investment opportunities that benefit both economies. He highlighted the meeting’s timely relevance, given the accelerating growth in Omani-Saudi economic ties due to advancements in infrastructure and logistical connectivity.
He also pointed out that the OCCI is dedicated to addressing challenges faced by investors and business owners through direct engagement with relevant authorities and fostering a competitive business environment aligned with the goals of Oman Vision 2040, particularly in promising sectors.
Al Kalbani described the Council as a strategic platform for enhancing economic and commercial cooperation, noting that it has made significant strides towards deepening partnerships between the private sectors of Oman and Saudi Arabia. The Council has focused on developing actionable plans and overcoming hurdles to ensure successful investment collaborations leading to greater economic integration.
Abdulaziz al Ali highlighted the significance of the meeting during the Franchise Exhibition as a pivotal moment in realizing the leadership’s aspirations to empower the private sector in economic development. He noted the impressive volume of trade between the two countries and emphasized the importance of increased integration through sector-focused committees and practical initiatives, particularly for small and medium-sized enterprises (SMEs) and youth development.
He identified ready opportunities for integrating supply chains between factories in both countries across sectors such as chemicals, aluminum, copper, iron and steel, textiles, food production, fertilizers, and machinery. Al Ali confirmed the Council’s commitment to transforming these opportunities into strategic projects that contribute to economic diversification and enhanced competitiveness.
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The recent meeting of the Joint Omani-Saudi Business Council signifies a pivotal moment for businesses in Oman, fostering strategic partnerships that can enhance trade and investment across key sectors. Opportunities abound, particularly in tourism, logistics, and technology, as mutual recognition of standards simplifies entry into each other’s markets. Smart investors and entrepreneurs should focus on leveraging the synergies created by this cooperation to explore collaborative ventures that align with Oman Vision 2040 and Saudi Vision 2030.
