The Sultanate of Oman and the United Arab Emirates are certain by fraternal bonds and strategic partnership. These bilateral relations are witnessing a exceptional progress, because of the assist and a spotlight accorded by the smart leaderships of His Majesty Sultan Haitham bin Tarik and President His Highness Sheikh Mohamed bin Zayed Al Nahyan.
In its report on the Oman-UAE ties, Oman Information Company (ONA) mentioned that the 2 leaderships are eager to raise the relations in direction of wider horizons in a way that serves curiosity of the 2 international locations’ peoples and maintains safety and stability within the area and the world at giant.
The distinguished relations between the 2 sides are primarily based on financial and commerce partnership. These relations have been distinctive because the first assembly between the late Sultan Qaboos bin Mentioned and Sheikh Zayed bin Sultan Al Nahyan. The 2 international locations shared the identical imaginative and prescient in direction of problems with mutual concern to the 2 international locations’ peoples. Their relations represented the actual which means of fraternity and concord over the previous 5 many years.
The state-visit of His Majesty Sultan Haitham bin Tarik to the UAE this Monday and his assembly with His Highness Sheikh Mohamed bin Zayed Al Nahyan assume an awesome significance. The go to goals at selling the bilateral relations and pushing them ahead in direction of wider horizons. Throughout their assembly, the 2 leaders will change views on the regional and worldwide developments.
Oman and the UAE attempt to spice up the efficient cooperation between them on the precept of mutual curiosity in numerous fields.
The joint supreme committee between the 2 international locations, which was established in 1991, seeks to boost methods of cooperation and coordination between the 2 international locations in various financial, business, cultural and academic fields. It additionally works to hyperlink electrical energy and communications networks, coordinate land transport providers and transportation procedures between the 2 international locations by numerous border crossings, along with selling alternatives and areas of joint funding, for the current and future advantages of the Omani and Emirati peoples.
Sayyid Dr. Ahmed bin Hilal Al Busaidi, Ambassador of Oman to the UAE, mentioned that His Majesty’s upcoming go to to the UAE will contribute to accelerating and growing the trail of cooperation, integration and partnership between the 2 international locations. He identified that the mutual visits of the management of the 2 international locations culminated over the last interval by the signing of 16 agreements and memorandums of understanding in numerous fields.
He affirmed to ONA that there’s a exceptional leap within the financial relations between Oman and the UAE, because of the eye accorded by the leaderships of the 2 international locations. Sayyid Al Busaidi anticipated that the upcoming interval will witness extra joint funding cooperation that may contribute to consolidating and growing the prevailing financial partnership between the 2 international locations.
He defined that the important thing Omani funding within the United Arab Emirates embody the sectors of economic actions, insurance coverage, manufacturing industries, actual property, skilled and technical actions, wholesale and retail commerce, info and communications. In the meantime, the checklist of an important Emirati investments in Oman consists of the economic, monetary, banking, tourism, energy era, actual property actions, retail commerce sectors and development, he famous.
Sayyid Ahmed mentioned that the UAE is likely one of the most necessary buying and selling companions of the Sultanate of Oman. He identified that the symptoms of steady progress within the quantity of commerce and funding change between the 2 international locations over the previous years replicate the superior financial partnership between them and its profitable prospects. He famous that Omani exports to the UAE throughout 2023 exceeded RO 1 billion, marking a rise of 20.4 p.c in comparison with 2022.
The Embassy of Oman within the UAE strives to spice up the financial and funding cooperation between the 2 international locations by steady communication with the related authorities businesses, chambers of commerce and business, and traders within the UAE, affirmed Sayyid Ahmed. He defined that the Embassy urges them to make the most of the funding alternatives obtainable in Oman.
Statistics issued by the Nationwide Heart for Statistics and Data (NCSI) present that the quantity of commerce change between the Sultanate of Oman and the United Arab Emirates by the tip of 2023 amounted to about RO 5.439 billion, in comparison with RO 5.571 billion by the tip of 2022.
The statistics additionally confirmed that the worth of Omani merchandise exported to the United Arab Emirates by the tip of final yr amounted to greater than RO 291.7 million, represented by steel merchandise, chemical business merchandise, associated industries, and different merchandise and commodities. In the meantime, the worth of merchandise imported from the UAE amounted to Greater than RO 837.7 million. They included equipment, home equipment, electrical gear and different merchandise.
The figures confirmed that the United Arab Emirates topped the international locations attracting direct Omani investments overseas, amounting to RO 960 million till the tip of 2022, whereas the full direct Emirati investments in Oman till the tip of final yr amounted to about RO 958 million.
The Sultanate of Oman is likely one of the most necessary markets for Emirati commerce. It’s ranked third within the Arab world and tenth globally within the checklist of commerce companions of the UAE and accounts for 20 p.c of the full commerce of the Emirates, because of the ease of transporting items and the sleek and free motion of nationwide merchandise between the 2 international locations by land ports.
The personal sector within the two international locations performs a significant position in financial improvement and is relied upon to attain financial diversification traits by numerous areas, particularly changing industries, logistics providers, mining, tourism and fisheries.
Faisal Abdullah Al Rowas, Chairman of Oman Chamber of Commerce and Trade affirmed that the fraternal bonds between Oman and the UAE characterize a strong floor for built-in partnership within the financial and commerce sectors.
He informed ONA that the UAE is likely one of the most necessary buying and selling companions of Oman by direct funding in a lot of sectors, together with manufacturing industries, actual property and rental actions, business challenge actions, development, monetary intermediation, transportation and storage, accommodations, and others. He identified that the UAE is available in first place as a vacation spot for the direct Omani investments overseas.
The Sultanate of Oman and the United Arab Emirates established “Oman and Etihad Rail” in September 2022 as a joint firm owned equally between them. With the intention of designing, growing and working a railway community linking Sohar Port to the UAE nationwide railway community, with a complete challenge funding of USD 3 billion, the joint firm will devise the work plan for implementing the challenge, together with financing mechanisms and the timetable, after which supervise the design, implementation and operation of the railway community challenge.
Via this challenge, which can hyperlink the Wilayat of Sohar within the Governorate of North Al Batinah with the capital Abu Dhabi, the 2 sides search to lift the effectivity of the availability chain system and ease the follow of cross-border commerce, hyperlink business ports and financial zones to the railway community, improve business and social connectivity between the 2 international locations and enhancing the effectivity of logistics providers.
The Omani and Emirati ports are linked by direct traces to move numerous merchandise and exports. This contributed to reaching mutual financial advantages for the 2 international locations. The ports of the Sultanate of Oman and the United Arab Emirates are additionally thought-about a gateway and a significant hyperlink between the continents of Asia, Europe and Africa, and serve transiting ships.
The Duqm Dry Dock, which offers marine options and upkeep and restore providers for numerous varieties and sizes of ships, acquired greater than 350 tasks from the UAE market in 2023, recording a progress of 43 p.c in comparison with 2022.
Within the discipline of tourism, vacationer services within the two international locations obtain many teams of vacationers from each international locations. Furthermore, there are numerous joint tourism investments which have contributed to attracting extra vacationers.
As for the cultural facet, the 2 international locations have carefully and repeatedly strengthened cooperation on this necessary discipline by organizing joint cultural occasions and actions. The Sultanate of Oman participated in Expo Dubai 2020 and different nationwide events and occasions that replicate the fraternal bonds and customary historic ties.
The Sultanate of Oman, represented by the Ministry of Tradition, Sports activities and Youth and the Ministry of Data, yearly participates in guide gala’s in Abu Dhabi and Sharjah, whereas numerous cultural and media establishments within the United Arab Emirates take part yearly in Muscat Worldwide E book Honest.
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