Saudi Arabia and Oman Sign 13 Major Investment Projects

The Ministry of Investment of Saudi Arabia (MISA) has concluded hosting a high-level delegation from Oman, which culminated in the signing of 13 MoUs covering vital sectors such as biochemicals, energy, mining, financial investment, logistics, maritime transport, information technology, and other key sectors.

The Saudi-Omani Investment Forum follows several successful MISA events with investment counterparts from countries such as Turkey, Azerbaijan, and South Korea, which resulted in increased cooperation and several MoUs to explore investment opportunities in various sectors.

The forum was opened by Khalid Al Falih, Saudi Minister of Investment, and Qais bin Muhammad Al-Yousef, Minister of Commerce and Industry and Investment Promotion of Oman, who led an Omani delegation of diplomats and business leaders.

Attendees heard presentations from both Omani and Saudi representatives. From Oman, Invest in 2040 and Special Economic Zones in the Sultanate of Oman were highlighted as opportunities available to Saudi investors, while Saudi officials presented Invest in Saudi Arabia and Special Economic Cities and Zones, which showcased the areas of investment available in the Kingdom.

The agreements signed today (1 February) underscore the long-standing partnership between Saudi Arabia and Oman, which has accelerated in recent years with several high-level engagements.

In December 2021, Saudi Arabia and Oman announced the opening of the first land crossing between the two Gulf countries to boost trade exchanges, while in April last year, Al Falih met with the Chairman of the Oman Investment Authority, Abdulsalam bin Mohammad Al Murshidi, to explore enhancing investment cooperation.

Alongside the investment forum, Al Falih and Al Yousef inaugurated the Saudi-Omani Industrial Exhibition.

The exhibition, which runs until 4 February, highlights the strong economic ties between the two countries across a range of sectors and showcases products and services from small and medium-sized enterprises from both sides to promote investment opportunities.