Omani Companies Sign Multiple Contracts at Saudi Food Show
The strengthening of economic and investment ties between Riyadh and Muscat was reflected at the Saudi Food Show held last week, where Omani companies signed multiple contracts and memoranda of understanding. The Public Establishment for Industrial Estates (Madayn) represented Oman at the event and had fruitful bilateral discussions with key company executives, investors, commercial agents, and suppliers from Saudi Arabia.
The agreements signed at the show underscored the long-standing partnership between the Kingdom and Oman, which has been reinforced in recent years through several high-level engagements. The ties are highly valued and supported by the leaderships of both nations, demonstrating a commitment to fostering strong bilateral cooperation and facilitating increased trade exchanges.
Opening of the First Land Crossing
In December 2021, Saudi Arabia and Oman announced the opening of the first land crossing between the Gulf states to promote trade exchange. This move is expected to further strengthen the economic and investment ties between the two countries.
Enhancing Cooperation Between the Two Countries
In April last year, Saudi Minister of Investment Khalid Al-Falih met the chairman of the Oman Investment Authority, Abdulsalam bin Mohammad Al-Murshidi, to enhance cooperation between the two countries. The meeting aimed to explore ways to enhance both nations’ long-term economic partnerships.
Opportunities for Omani Firms
The event presented an excellent opportunity to increase the global presence of Omani firms and their products. Madayn noted that they have observed interest from investors and businessmen in exploring investment prospects in the Sultanate and familiarizing themselves with the incentives and facilities provided by Madayn to promote an ideal business environment.
Aligning with Oman Vision 2040 Objectives
The event allowed Madayn to explore new markets and introduce incentives to attract investors, aligning with Oman Vision 2040 objectives. The Omani pavilion included small- and medium-sized companies such as Areej Vegetable Oils and Derivatives, Oman Foodstuff Factory, Salalah Mills, Majan Glass, and Pragati Glass Gulf.
Saudi-Oman Investment Forum and Exhibition
Last February, the Saudi-Oman Investment Forum and exhibition discussed various ways to enhance both nations’ long-term economic partnerships. Held under the theme “Partnership and Integration,” the four-day forum aimed to build sustainable partnerships in key sectors and contribute to enhancing mutual interests between the two sides.
At the event, the Saudi Investment Ministry hosted a senior delegation from Oman, culminating in signing 13 MoUs in various sectors, including biochemical, energy, and mining.
Conclusion
The multiple contracts and memoranda of understanding signed by Omani companies at the Saudi Food Show demonstrate the strengthening of economic and investment ties between Riyadh and Muscat. The long-standing partnership between the Kingdom and Oman has been reinforced in recent years through several high-level engagements. The opening of the first land crossing between the Gulf states is expected to further strengthen the economic and investment ties between the two countries. The event presented an excellent opportunity to increase the global presence of Omani firms and their products, aligning with Oman Vision 2040 objectives. The Saudi-Oman Investment Forum and exhibition discussed various ways to enhance both nations’ long-term economic partnerships, culminating in signing 13 MoUs in various sectors.