https://arab.news/94r55
JEDDAH: Saudi Arabia and Oman have signed a memorandum of understanding aimed at bolstering economic and planning cooperation based on mutual interests.
The agreement was finalized on Thursday in Riyadh, with Saudi Minister of Economy and Planning Faisal Al-Ibrahim and his Omani counterpart, Said bin Mohammed Al-Saqri, signing a five-year commitment focused on enhancing medium- and long-term economic planning, studies, and modeling, alongside monetary policies and strategies.
The pact highlights a commitment to promoting a green and circular economy, as stated by the Saudi Ministry of Economy and Planning.
Trade between Saudi Arabia and Oman reached SR36.8 billion ($9.81 billion), with Saudi exports accounting for SR22.5 billion, reflecting the growing economic ties between the two nations.
Implementation of the cooperation outlined in the memorandum will involve the exchange of information, experiences, and studies, as well as mutual visits by experts and specialists. The agreement also includes plans for hosting conferences, seminars, and workshops.
The Saudi ministry emphasized that such memorandums would enhance cooperation among Gulf Cooperation Council countries and strengthen bilateral relations between Saudi Arabia and Oman.
On Oct. 9, Saudi Commerce Minister Majid Al-Qasabi welcomed Al-Saqri and his delegation, discussing ways to enhance trade and economic partnerships while addressing various economic topics to boost intra- and external trade among GCC members.
Al-Qasabi underscored that the nation’s economic reforms, guided by Crown Prince Mohammed bin Salman as part of Vision 2030, are designed to implement structural changes that promote sustainable economic growth, leveraging significant developmental opportunities within the Kingdom.
He noted that these reforms have improved the business environment and elevated Saudi Arabia’s global competitiveness, as evidenced by positive international economic indicators.
In April, a MoU was signed between the Kingdom and Oman during a meeting between Sultan bin Salem Al-Habsi, Oman’s minister of finance, and Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development. Discussions during that meeting focused on cooperation mechanisms between Oman and the fund, as well as updates on collaborative development projects.
The primary objective of these efforts is to enhance the industrial and logistical sectors in Oman, providing essential services to encourage private sector investment in line with the country’s Vision 2040, as reported by the Omani News Agency.
The memorandum is part of broader initiatives aimed at supporting developmental efforts in Oman, including infrastructure, higher education, vocational training, and projects in industry, mining, transportation, communications, and energy sectors.