Launch of second phase of industrial initiatives between Oman and Saudi Arabia

The second phase of industrial integration initiatives between the Sultanate of Oman and the Kingdom of Saudi Arabia was launched in Riyadh, as part of the work of the Economy, Trade, and Industry Committee under the Omani-Saudi Coordination Council.

The launch ceremony was co-chaired by Qais Alyousef, Minister of Commerce, Industry and Investment Promotion, and Bandar bin Ibrahim AlKhorayef, Minister of Industry and Mineral Resources of the Kingdom of Saudi Arabia, in the presence of Sayyid Najeeb Albusaidi, Ambassador of the Sultanate of Oman to the Kingdom of Saudi Arabia, Permanent Representative of Oman to the Organisation of Islamic Cooperation, and Permanent Representative to the Digital Cooperation Organisation in Riyadh, along with a number of officials from both countries.

The event featured a visual presentation highlighting key industrial initiatives currently underway between the two brotherly countries, along with future expansion plans in priority sectors as part of the joint industrial integration efforts.

A number of future initiatives were also discussed, aimed at strengthening industrial cooperation, expanding mutual investments, and supporting supply chains and manufacturing between the two countries.

As part of the visit, the Minister of Commerce, Industry and Investment Promotion, met with Prince Sultan bin Khalid Al Saud, CEO of the Saudi Industrial Development Fund.

The meeting explored financing opportunities and financial support for joint industrial projects, as well as ways to exchange expertise in developing industrial zones and funding infrastructure that supports the industrial sector.

The launch of these initiatives marks an advance in the industrial partnership between the two countries, which aims to enhance industrial integration, stimulate joint investments, and increase cooperation in value chains and trade exchange.

The second phase includes a package of targeted initiatives, such as the inclusion of Omani products on the list of approved industrial capabilities in the Kingdom of Saudi Arabia, the application of national rules of origin to ensure equal treatment of Omani and Saudi companies in tenders and government procurement, and the facilitation of product registration procedures with the relevant regulatory authorities in both countries. It also includes the launch of a fast-track process for conformity assessments of industrial products, the exchange of investment opportunities in promising industrial sectors, and the strengthening of integration within supply chains linked to free trade agreements and regional markets, particularly in the African continent.

The meeting also reviewed key outcomes achieved during the first phase of the industrial integration initiatives, which included a number of joint strategic projects such as linking industrial zones in both countries, integrating value chains across selected strategic industries, exchanging industrial databases, establishing technical working groups to harmonise industrial regulations and legislation, and enhancing joint coordination in international exhibitions and conferences.

Qais Alyousef, Minister of Commerce, Industry and Investment Promotion, said that the launch of the second phase of industrial integration initiatives and the signing of bilateral agreements reflect the shared determination of the Sultanate of Oman and the Kingdom of Saudi Arabia to deepen economic cooperation and industrial integration.

The Minister also met with Dr Fahd bin Ibrahim Al Shathri, CEO of the Saudi General Authority for Competition, to discuss technical and legislative cooperation, as well as the exchange of information on competition-related matters. The discussions also addressed coordination efforts in monitoring cross-border anti-competitive practices.

A memorandum of understanding (MoU) was also signed between the Ministry and the Saudi General Authority for Competition in the field of competition protection and the prevention of harmful monopolistic practices. The MoU aims to strengthen cooperation between the two brotherly countries in legislative and regulatory areas related to competition, and to promote the exchange of expertise and information, in addition to the organisation of joint conferences and training programmes.

This contributes to the creation of a fair competitive environment that supports market development and ensures commercial justice among enterprises.

The Minister of Commerce, Industry and Investment Promotion also met with Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia.

The meeting focused on ways to enhance integration in the energy sector, particularly in petrochemical industries and renewable energy, with the aim of developing joint industrial projects that serve the interests of both brotherly countries.

The Minister also met with Ibrahim bin Youssef Al Mubarak, Saudi Assistant Minister of Investment, where they reviewed mutual investment opportunities between the Sultanate of Oman and the Kingdom of Saudi Arabia.

They also discussed mechanisms to facilitate procedures for investors from both countries and followed up on initiatives aimed at enhancing the investment environment in the industrial and commercial sectors.

In addition, the Minister met with representatives of the Saudi private sector, where discussions touched on investment opportunities in the services, manufacturing, and retail sectors. The meetings also explored potential for expansion into regional markets through strategic partnerships between the private sectors of both countries.