Saudi Arabia closes with Oman

Arab News
Saudi Arabia closes with Oman

Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef received the Omani Minister of Commerce, Industry and Investment Promotion, Qais bin Mohammed Al-Yousef on Friday at the Ministry’s headquarters in Riyadh. 

According to Arab News, the Omani minister was accompanied by a ministerial delegation, and the two sides discussed the Kingdom’s vision 2030 and Oman 2040, strengthening aspects of industrial cooperation, and exploiting ambitious opportunities between the two sides, in addition to exchanging experiences in legislation, regulations, and services.

The meeting discussed benefiting from the Kingdom's experience in managing and operating industrial cities and enhancing the competitiveness of the national industry and Saudi exports, in addition to the Kingdom's experience in the “Made in Saudi” program and the financing aspects provided through the Saudi Industrial Development Fund and the Saudi Export-Import Bank (Saudi EXIM).

Saudi non-oil exports to Oman until the end of June 2022 amounted to more than SR2 billion ($532 million), represented in several economic activities, including food products, petrochemicals, building materials, heavy machinery, and electronics.

The volume of Saudi imports from Oman in 2022 amounted to about SR7.2 billion, which include minerals, building materials, and food products, in addition to vehicles, spare parts, and petrochemical products.