The national visions - Oman Vision 2040 and Saudi Vision 2030 work on formulating economic trends and goals that will lead to achieving transformation, enhancing economic diversification and increasing trade with other countries through executive plans and transformation programs resulting from both visions.
Saudi investment in the Sultanate is distributed in several economic and productive sectors, namely trade, construction, and services.
The ministry pointed out that the annual growth rate of Saudi imports to the Sultanate was 6.94 percent in five years (2016-2020), while the annual growth rate of Omani exports to Saudi Arabia in five years (2016-2020) was 7.4 per cent.
Around 1,079 Saudi companies Invested in the Sultanate until the end of 2020, with registered investments amounting to more than RO188 million. Saudi imports to the Sultanate recorded 16.6% during the year 2020 compared to 2019.
Saudi Arabia figures among the most important trade partners of the Sultanate. In 2020, it occupied second place in the list of top importers of Omani non-oil exports, as well as fourth place in the list of re-export countries and fifth place in the list from which the Sultanate imports goods.
In terms of Omani fish imports in 2019, Saudi Arabia occupied second place among GCC states and fourth place among world countries.
Data released by the National Centre for Statistics and Information (NCSI) show that the total volume of commercial exchange touched RO 960 million in 2020 compared to RO 506,279,000 in 2010. In that year, the value of imports from Saudi Arabia stood at RO 240,769,000.
The value of Omani exports stood at RO 265,510,000 of which RO 182,578,000 were non-oil exports and RO 82,932,000 as re-exports.
The Kingdom of Saudi Arabia is considered a strategic partner in many economic projects in the Sultanate. These projects include one for the development of khazaen Economic City, the independent power plant “Salalah 2” (a synergy combing Saudi Arabia’s Aqua Power, Japan’s “Mitsui” and “Dhofar International Development and Investment Holding Company”) and Salalah Desalination Plant.
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