MUSCAT, 25 September – Bilateral trade between the Sultanate of Oman and Saudi Arabia more than doubled to exceed RO 1.249 billion during the first half of 2022, compared to RO 595 million in 1H of 2021, entailing an increase of 210%.
Saudi Arabia’s exports into Oman were valued at RO 831 million while Oman’s exports to Saudi Arabia were valued at RO 418 million as of end of June 2022. The top Saudi export commodity comprised metals, totalling RO 538 in value. On the other hand, Oman exported RO 139 million worth of metals to Saudi Arabia during the 1H 2022.
Earlier this month, Eng Ridha Juma al Saleh, Chairman of the Board of Directors of Oman Chamber of Commerce and Industry, said during the 4th Oman-Saudi Business Council meet in Riyadh, that as of end May 2022, the trade exchange between the two countries already reached RO 1.009 billion in value. The volume of Saudi investments registered in Oman amounted to RO 1.477 billion.
Citing indicators, Al Saleh noted that a “continued rising curve” was being witnessed in the trade exchange between the Sultanate of Oman and the Kingdom of Saudi Arabia.
In 2021, Saudi Arabia was the fourth biggest trading partner of Oman, next to China, UAE and India, with RO 1.3 billion in merchandise trade. More investments and cooperation between the two countries are seen in the fields of energy and mining, food security, technology, logistics, industries and construction and services. — Oman Daily Observer