Saudi Arabia and Oman have engaged in talks to strengthen their trade and economic ties. Bilateral trade reached $9.8 billion, of which Saudi exports to Oman made up $5.9 billion.

The talks occurred during a visit by Oman’s Minister of Economy, Dr. Said Al-Saqri, and his delegation to Saudi Arabia. The Saudi delegation was led by Dr. Majed Al-Qasabi, Minister of Commerce and Chairman of the National Competitiveness Center.

The meeting focused on key economic issues that the Gulf Cooperation Council (GCC) prioritizes to enhance regional and international trade.

During the meeting, Dr. Al-Qasabi emphasized that Saudi Arabia’s economic reforms, guided by Crown Prince and Prime Minister Mohammed bin Salman, align with the Kingdom’s Vision 2030.

He explained that these reforms aim to drive structural changes across various economic sectors and promote sustainable growth by leveraging the country’s development potential. Dr. Al-Qasabi also noted the positive outcomes of these reforms, stating that they have strengthened Saudi Arabia’s global competitiveness and improved its position in international economic rankings. 

He further emphasized the ongoing efforts to enhance the Kingdom’s business environment, supported by the NCC’s collaboration with various government agencies to propose policies that boost competitiveness.

According to the National Center for Statistics and Information (NCSI), trade between Oman and Saudi Arabia exceeded $2.63 billion by June 2024. The NCSI also reported a significant increase in Saudi Arabia’s direct investments in Oman, which reached $314.63 million, up from $209.41 million in 2021.