Oman Saudi Committee Reviews Trade And Industry Progress

The Coordination Committee for Trade, Industry, and Economy, operating under the Omani-Saudi Coordination Council, held its regular meeting in Riyadh, Saudi Arabia, to review the progress of joint integration initiatives. The committee announced that six initiatives have already been completed, while work on 11 more will be finished in the coming period. These efforts reflect the growing cooperation between the two countries in strengthening economic ties and improving shared development goals.

The Omani delegation was led by Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry. The Saudi delegation was headed by Eng. Rakan Wadah Tarabzoni, Deputy Minister of Economy and Planning for International Economic Affairs. Both sides discussed the latest developments, achievements, and future plans related to trade, industrial growth, and economic collaboration.

One of the major accomplishments reviewed at the meeting was the completion of the second phase of the industrial integration project. This milestone now allows Omani products to enter the Saudi market using the Omani certificate of origin. This step is viewed as a major improvement that will support smoother movement of goods, reduce costs, and create better opportunities for manufacturers in Oman.

Another important achievement was the completion of the future factories initiative. In addition, 12 agreements were signed to link supply chains between factories in both countries. This move strengthens joint manufacturing opportunities and helps increase added value in industrial production across Oman and Saudi Arabia. Strengthening supply chains will enable companies on both sides to become more competitive and efficient.

Trade exchange between Oman and Saudi Arabia has shown remarkable development. By the end of 2024, the trade volume surpassed $8 billion, reflecting strong ties and expanding partnerships between business sectors in both countries. This growth demonstrates increasing confidence, better market access, and rising demand for products exchanged between the two nations.

In the economic field, a memorandum of understanding was also signed to promote fair competition and prevent monopolistic practices. Both countries have been working together through technical workshops to align legislation and share expertise. These workshops support the goals of Oman Vision 2040 and Saudi Vision 2030, which aim to build more competitive, diversified, and sustainable economies.

During the meeting, Eng. Jassim Saif Al Jadidi, Technical Director at the Office of the Undersecretary for Commerce and Industry, presented a detailed review of the year’s progress. He highlighted that the launch of the second phase of industrial integration initiatives in Riyadh last July marked a key turning point. This phase aims to improve the integration of industrial capabilities, promote cooperation in local content, and strengthen government procurement procedures.

He explained that these efforts helped raise the level of industrial partnership and improved supply chain integration between Oman and Saudi Arabia. He also noted that work continued to complete the official minutes for verifying proof of origin, which will further enhance the flow of goods. Once fully implemented, this will ease processes for manufacturers and reduce administrative burdens.

With six initiatives completed and 11 underway, both countries are moving forward confidently to deepen economic cooperation. The ongoing work aims to build strong industrial ecosystems, support investors, and create more competitive production environments. The committee stressed that continued collaboration will help both countries achieve long-term development goals and expand opportunities in the fields of trade, industry, and economic integration.