Saudi, Omani investors mull setting up joint petrochemical firm in Oman

The number of Saudi investors in Oman has reached 1,235 whereas 320 Oman companies have so far invested in various sectors in the Kingdom. Social media

• Saudi investments in Oman amount to nearly SR24 billion and Omani investments have reached over SR4 billion

RIYADH: Saudi and Omani businessmen are considering setting up a joint venture specialized in petrochemical and chemicals, Argaam cited a report carried by Oman News Agency.
The report quoted Nasser Al-Hajri, chairman of the Saudi-Oman Joint Business Council as saying, “Saudi businessmen are looking for major investments in Oman’s industrial, petrochemical, chemical manufacturing, fish farming, mining, food, animal feed, tourism and real estate sectors.
The proposed name of the  joint venture is “Gulf Company.”
Saudi businessmen are keen on investing in Oman, provided they get better incentives and facilities, Al-Hajri said.
A Saudi delegation, headed by Minister of Investment Khalid Al-Falih, visited Oman last week, to explore investment opportunities between the two countries.
Al-Falih said a number of leading Saudi companies are interested in making investments in vital sectors in Oman.
The minister said the trade volume between the two countries amounted to more than SR2 billion ($533 million) in the first quarter of 2021, the SPA reported. He said the trade exchange between the two brotherly countries was hit due to the coronavirus disease pandemic but now it is rising back to the pre-pandemic level.
The number of Saudi investors in Oman has reached 1,235 whereas 320 Oman companies have so far invested in various sectors in the Kingdom.
Al-Falih said the total Saudi investments in Oman amount to nearly SR24 billion and Omani investments have reached over SR4 billion.
He said efforts are underway to consolidate the partnership between the two countries. The ministerial visit aims to consolidate and expand economic ties and mutual investments between the two countries.
Last month, Oman’s ruler Sultan Haitham bin Tariq visited the Kingdom. During the visit, the two sides agreed to launch initiatives that include major areas of cooperation, including investments in Oman’s Duqm region, energy cooperation, and partnerships in food security, and various cultural, sports and tourism activities. The Saudi-Oman Business Council was also established to promote bilateral business ties.