UAE among the leading trading partners of Oman

Abu Dhabi: Sayyid Ahmed Hilal Al Busaidi, Ambassador of the Sultanate of Oman to the United Arab Emirates (UAE) has said that the visit to Oman by Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), will be the first one of its kind, since HH Sheikh Mohammed took the reins of power in his country.

Sayyid Ahmed told Oman News Agency (ONA) that this visit will culminate in a fraternal meeting between His Majesty Sultan Haitham bin Tarik and the UAE president and that it will reflect positively on the process of joint action aimed to develop all areas of cooperation between the two brotherly countries.

Sayyid Ahmed added that Oman-UAE relations are eminent in every respect and that they are consolidated by fraternal bonds and a strategic approach founded by the late His Majesty Sultan Qaboos bin Said and the late HH Sheikh Zayed bin Sultan Al Nahyan.  

He noted that communication between His Majesty Sultan Haitham bin Tarik and Sheikh Mohammed bin Zayed Al Nahyan and their constant keenness to deepen relations and cooperation spurred further growth and development in all fields—”and we now reap the fruits of such bilateral action.”

The ambassador pointed out that integration between Oman and the UAE lends strong support to promising economic and investment opportunities.

The two countries envisage focusing on future cooperation, highlighting investment opportunities, streamlining procedures for investors in both countries and expanding partnerships in the business sector and investments that could be transformed into economic projects realising the common interests and accelerating the volume of trade exchange, he explained.

Over the past five decades, the UAE came in forefront of Oman’s trading partners, said Sayyid Ahmed, noting that Oman is the second largest GCC trading partner of the UAE. “This reinforces our optimistic view of a verdant future of the Oman-UAE economic partnerships,” he observed.

The value of Oman’s total exports to the UAE, which amounted to OMR1.3 billion in 2021, compared to OMR1.2 billion in 2020. Sayyid Ahmed added that Oman’s exports to the UAE constitute 7.8 percent of the general total of Oman’s exports in 2021.
Sayyid Ahmed also underscored the significance of coordination between the two countries at the political level through coordination and consultation about various regional and international issues.

Oman and the UAE share a strategic trade partnership that supports the economies of the two countries and develops investment opportunities between them, with agreements and memoranda of understanding covering financial and real estate activities, as well as in agricultural, fish and animal products, to name a few.

The Embassy of Oman in Abu Dhabi has contributed to attracting and exchanging investments between the two countries, based on the directives of His Majesty Sultan Haitham bin Tarik, by launching the national programme on attracting private investments and enhancing the presence of Omani exports in foreign markets.

This program is one of the accelerators of the first phase of implementation of Oman Vision 2040, which is linked to the economy and development, he said. He furthered that the programme will focus on Omani exports and support their access to foreign markets to become a major tributary of the national economy.

The ambassador also underlined the importance of mutual visits and continuous coordination between officials of the two countries, saying that the process maximizes prospects for joint cooperation in various fields and enhances investment opportunities.

He referred to the Oman-UAE Economic Forum held two sessions, in October 2021 and February 2022, which saw fruitful discussions on promotion of trade and investment partnerships.

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