HE Al Zeyoudi meets with Omani ministers to discuss strengthening of cooperation in the fields of trade, investment, energy, industry & entrepreneurship

• Trade exchanges between the two countries totaled AED 36.3 billion in the first nine months of 2022 with a seven per cent growth

H.E. Al Zeyoudi: UAE-Oman relations present a unique model of brotherhood and harmony. The visit is an important step forward in strengthening trade & investment exchanges between the two sides

HE Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led a UAE delegation to Oman to explore ways to strengthen and expand the scope of trade and investment cooperation between the two countries. During the visit, he held several meetings with a number of ministers and senior officials in the Omani government, in the presence of a number of public and private sector representatives from both sides.

Emphasizing the depth and vitality of the historical relations between the UAE and Oman, H.E. noted that they present a unique model of brotherhood and harmony, supported by the two countries’ shared Islamic, Arabic, and Gulf heritage. Besides, these relations continue to grow in line with the vision and directives of both leaderships.

HE Al Zeyoudi said: “The UAE is keen to bolster our economic and trade partnerships with Oman and create new opportunities that contribute to increasing the investments and trade exchanges in the upcoming period. We also look forward to maximizing the benefits that arise out of the investment and trade enablers and facilitations offered by the two countries, in service of both their interests.”

In addition, HE stated that this visit is an important step forward in strengthening coordination and cooperation and facilitating the exchange of knowledge and expertise between the UAE and Oman in the fields of trade, investment, energy, renewable energy, industry, agriculture, construction, real estate, entrepreneurship, and SMEs.

HE added: “Oman is the UAE’s second largest GCC trade partner, accounting for 20 per cent of our trade with the rest of the bloc. The non-oil trade exchange between the two countries amounted to AED 36.3 billion over the first nine months of 2022 with a seven per cent growth compared to the same period in 2021, and a 20 per cent growth compared to the same period in 2020. Furthermore, it achieved a 10 per cent growth from AED 42.3 billion in 2020 to reach AED 46.5 billion in 2021.

The non-oil foreign trade between the UAE and Oman grew by 98.9 per cent over the last decade.

Strengthening existing cooperation

HE Al Zeyoudi’s meeting with HE Sayyid Badr Albusaidi, Minister of Foreign Affairs in Oman, discussed intensified cooperation in the fields of shared interest to benefit both sides.

Benefiting from trade and investment opportunities

In another meeting with HE Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion (MoCIIP) in Oman, HE Al Zeyoudi discussed ways to capitalize on the promising trade and investment opportunities that are being created in the two countries’ markets, starting with those in the fields of manufacturing, investment, and industry.

The two ministers also discussed the latest developments on the outcomes of the second edition of the UAE-Oman Economic Forum, which was hosted in Dubai last February. These include the establishment of new partnership channels between the business communities in the two countries in a way that benefits economic relations, boosts investment and trade flows, and identifies the sectors and programs for cooperation at the government and private sector levels.

Boosting trade and investment flows

In the same context, HE Al Zeyoudi held a bilateral meeting with HE Sheikh Faisal bin Abdullah Al Rawas, Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry, in the presence of a number of businessmen. The meeting explored collaboration to boost trade and investment exchanges between the two countries in various trade fields in the next phase.

Furthermore, HE Al Zeyoudi highlighted the comprehensive development of the UAE’s economic legislation, which focuses on promoting entrepreneurship. HE then invited Omani businessmen to benefit from the incentives offered by the UAE’s business and investment environment in various fields, especially technology, financial activities, insurance, transportation, logistics, real estate, and industry.

Joint action plans

In adition, HE Al Zeyoudi held meetings with HE Sultan bin Salem Al Habsi, Minister of Finance in Oman; HE Dr. Saeed bin Muhammad Al Saqri, Minister of Economy; HE Sheikh Khalifa bin Ali Al Harthy, Undersecretary of the Ministry of Foreign Affairs; and Mr. Mulham bin Bashir Al Jar, Vice President of the Oman Investment Authority. These sessions reviewed opportunities to develop economic and trade partnerships and agreed to set new methods and joint action plans that could drive the sustainable growth of both economies.

He also met with major Omani companies, most notably Mohsen bin Hani Al Bahrani from the Mohsen Haider Darwish Group; another one with Anis Sultan, Rami Bazi, Dayren Durai Raj, Muhammad Suleiman, Abeer Sultan and Balaji Srivasan from the WJ Towell Group; apart from those with Hani bin Muhammad Al Zubair from the Zubair Group; and the one with Reem bint Omar Al Zawawi of the Al Zawawi Group.

Reviewing entrepreneurs’ projects

HE Al Zeyoudi visited the youth centre in Muscat, where he was received by Eng. Halima bint Rashid Al Zariya, Chairperson of the SMEs Development Authority. Here, HE learned about a number of SME projects by entrepreneurs, as well as the initiatives and programs offered by the centre to enhance the future of entrepreneurship in Oman. HE then visited the ‘Invest in Oman’ hall, where he was received by Abbas Al Lawati, the Executive Director, who spoke about the most prominent investment incentives offered by Oman to investors.

The UAE delegation that visited Oman consisted Juma Al Kait, Assistant Undersecretary for Foreign Trade Affairs at the Ministry of Economy; Dr. Farah Al Zarouni, Assistant Undersecretary for Standards and Legislation Sector at the Ministry of Industry and Advanced Technology; Saud Salem Al Aqroubi, Director of International Relations at the Federal Authority for Identity, Citizenship and Ports Security; Abdullah Ahmed Al Obaidli, Director of International Relations and Financial Organizations At the Ministry of Finance; Dr. Nabil Al Youssef, Adviser to HE the Minister at the Ministry of Economy; Ayoub Ahli, Adviser to Rules of Origin at the Ministry of Economy; and Karim Al Toumi, Legal Adviser at the Ministry of Economy.

The UAE and Oman boast strong relations in the field of mutual investments, and the UAE is one of the top three global investors in Oman, behind the UK and the USA, with a contribution of over 8.2 per cent of the total foreign investments in Oman. Besides, the UAE is also the number on Arab investor in Oman. The direct investment between the two countries amount to AED 15 billion, with the UAE accounting for over 85 per cent of them, spanning diverse trade and economic sectors and activities.

As of October 2022, 5,800 Omani companies operate in the UAE with investments in industrial, energy, water, financial activities, construction, real estate, and trade sectors.

The UAE’s non-oil exports to Omani markets totaled AED 15.7 billion in the first nine months of 2022 with a 39.5 per cent growth compared to the same period in 2021. Moreover, the UAE’s re-exports to Oman reached AED 13.2 billion in the first nine months of 2022.

The UAE’s non-oil exports accounted for 33 per cent of the total foreign trade between the two countries over the last 10 years amounting to AED 120 billion, while re-exports totaled AED 165 billion, accounting for 45.5 per cent of it.