Muscat – Several memoranda of understanding were signed in Muscat on Monday between Omani and Saudi companies, marking a new step in strengthening economic and industrial ties between the two countries.
The signings took place during bilateral meetings organised by Ministry of Commerce, Industry and Investment Promotion (MoCIIP) in cooperation with Saudi Export Development Authority. The meetings brought together Omani entrepreneurs and manufacturers and their Saudi counterparts to explore cooperation in key sectors, including construction, food, packaging and medical industries.
The agreements aim to build strategic partnerships, exchange expertise and open new markets for national products. These also seek to enhance industrial integration and increase trade exchange between Oman and Saudi Arabia.
H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, who met the Saudi trade mission, stressed that the meetings represent “an important step to strengthening economic, trade and industrial cooperation between the two countries.” He added that the ministry is committed to creating a business environment that attracts joint investments and supports quality projects aligned with Oman Vision 2040 and Saudi Vision 2030.
Khalid bin Salim al Qassabi, Director General of Industry at MoCIIP, said the meetings provided “a vital platform for implementing the industrial strategy”. He noted that cooperation with Saudi Arabia opens opportunities for building industrial partnerships capable of competing at regional and international levels.
The discussions reviewed ways to strengthen private sector cooperation, support existing projects and explore new investment opportunities, reflecting the shared goals of both nations to diversify their economies and stimulate innovation.
According to official figures, trade between Oman and Saudi Arabia reached RO2.18bn by the end of December 2024. Omani industrial exports to the kingdom rose 35.7% in the first half of 2025, amounting to RO538mn compared to the same period in 2024.
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