Omani-Spanish Economic Forum explores investment opportunities

The Omani-Spanish Economic Forum, held in the Spanish capital, Madrid, took place within the context of His Majesty Sultan Haitham bin Tarik’s state visit to the Kingdom of Spain.

The Forum reviewed partnership and investment opportunities between the two friendly countries in various economic fields including: renewable energy, ports and logistics, maritime services, tourism, food industries, digital technology, smart cities, and technical education.

Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, said that the Sultanate of Oman and the Kingdom of Spain are business-supportive investment destinations with a governments committed to supporting public and private sector partnerships. He added that Oman has established an attractive investment environment in line with the goals and ambitions of Oman Vision 2040.

In his speech, he noted  that the number of registered Spanish companies operating in the Oman increased from 43 in 2023 to 49 in 2024, a rise of 14 percent. He said that these figures reflect the strengthening of commercial relations between the two friendly countries and the growing recognition of Oman as a strategic market for Spanish expertise.

He emphasised that this new phase will support Spanish companies with plans for international expansion and encourage their entry into Oman, noting that the two countries share a common goal of reaching net-zero emissions by 2050.

In her speech Amparo López Senovilla, Spain’s Secretary of State for Trade, recognised the depth of economic relations linking the two friendly countries, noting that trade cooperation between them is witnessing continuous growth in various fields. She highlighted that Spain is one of the most prominent trading partners of the Oman in Europe, exporting a wide range of products to the Omani market.

She explained that Oman is a reliable energy supplier for Spain and provides the Spanish market with essential materials such as aluminium, electrical equipment, and plastic products. She pointed out that Oman Vision 2040, with its focus on economic diversification, opens promising horizons for Spanish companies to invest and participate in these vital pathways.

The Secretary of State affirmed that the Spanish government, through its various financial tools, will continue its support for expanding of trade and investment cooperation with Oman, contributing to mutual development and enhancing the presence of Spanish companies in the region.

Faisal Abdullah Al Rowas, Chairman of Oman Chamber of Commerce and Industry (OCCI), said that holding this Forum reflects the joint efforts of Omani and Spanish private sector institutions in promoting and creating commercial partnerships, researching promising investment opportunities, and converting them into joint projects that support economic growth and diversify income sources in line with the objectives and directions of the two countries.

Al Rowas emphasised the importance of leveraging the attractive investment environment in Oman and the competitive advantages and qualitative opportunities it offers to Spanish investors, thanks to its vital strategic location, economic stability, developed infrastructure, and diverse economic and free zones. He expressed hope that the Forum will contribute to strengthening commercial and investment partnerships and expanding cooperation horizons between the two countries, positively impacting sustainable development and enhancing mutual interests.

José Luis Bonet, President of the Spanish Chamber of Commerce, said that the Forum reviewed the investment opportunities and advantages enjoyed by the two friendly countries in various fields, in addition to the great potential that would develop bilateral economic relations.

He pointed out that Spanish companies have strengthened their presence in the Sultanate of Oman over the past few years through projects in infrastructure, the oil and gas sectors, water desalination, water and waste treatment, and other sectors. He noted that the two friendly countries are establishing a favourable economic cooperation framework for joint partnerships through signing agreements and Memoranda of Understanding.

During the Forum, a visual presentation on Invest Oman was delivered, covering the investment opportunities available, as well as advantages, incentives, and facilities offered by Oman to investors.

The Forum included meetings between business leaders from both countries across various economic sectors such as investment, real estate development, industry, the financial sector, energy, technology, health, food security, tourism, and sports.

During these meetings, ways to enhance trade and investment cooperation and the possibility of establishing joint projects were discussed.

The Forum was attended by officials and businesspeople from both countries.