Saudi Arabia and Oman are deepening their economic partnership, with bilateral trade reaching $9.8 billion. Of this, Saudi exports to Oman amounted to $5.9 billion. Discussions to strengthen trade ties took place during a visit by Oman’s Minister of Economy, Dr. Said Al-Saqri, and his delegation to Saudi Arabia, where they met with Dr. Majed Al-Qasabi, Saudi Minister of Commerce and Chairman of the National Competitiveness Center.
The talks addressed key economic issues prioritized by the Gulf Cooperation Council (GCC) to enhance both regional and international trade. Dr. Al-Qasabi highlighted how Saudi Arabia’s economic reforms, spearheaded by Crown Prince Mohammed bin Salman, align with Vision 2030. These reforms are driving structural changes across multiple sectors to promote sustainable growth and maximize the Kingdom’s development potential.
Dr. Al-Qasabi also noted the positive impact of these reforms, which have bolstered Saudi Arabia’s global competitiveness and improved its standing in international economic rankings. Efforts to enhance the business environment continue, with the National Competitiveness Center working alongside government agencies to develop policies that further boost competitiveness.
According to the National Center for Statistics and Information (NCSI), trade between Oman and Saudi Arabia exceeded $2.63 billion by mid-2024, while Saudi direct investments in Oman surged to $314.63 million, up from $209.41 million in 2021.
