RIYADH - The volume of trade exchange between Saudi Arabia and Oman amounted to SR10.6 billion during the year 2020. This was announced by Ajlan Al-Ajlan, president of the Federation of Saudi Chambers (FSC) on Monday, on the sidelines of the visit of Crown Prince Muhammad Bin Salman to the Sultanate of Oman. According to Al-Arabiya, Al-Ajlan said that Oman ranked 28th among the countries that the Kingdom exports to, while it ranked 20th among the countries it imports from, as the volume of Saudi exports amounted to SR4.4 billion while Omani imports amounted to SR6.2 billion. The value of Saudi exports to Oman increased by one percent in 2020 as compared to its value in 2019 while the Omani exports to the Kingdom decreased by 12.8 percent and eventually a decrease in the volume of trade exchange between the two countries in 2020. "The Crown Prince's visit to Oman will open up new horizons of joint investments, as it will further strengthen the ties and the cooperation between the two countries in many fields. The visit will also contribute to pumping more joint investments that will benefit the Kingdom and its citizens," Al-Ajlan said while pointing out that the enhanced cooperation between the two countries will be a big support to the business owners in the private sector in both the Kingdom and Oman. He said that there are vast investment and trade opportunities in Saudi Arabia and Oman, and by taking advantage of them Saudi Arabia can become Oman's first trading partner in the region and vice versa, thanks to the Kingdom's Vision 2030 and Oman's Vision 2040. The cooperation between the two countries would enable them to establish real economic integration, which will positively reflect on the Saudi-Omani economic sectors, joint investments, and job opportunities, Al-Ajlan stated. "The Saudi-Omani economic relationship enjoys great support and guidance from the political leaders of the two states, represented by the Saudi-Omani Coordination Council, the Saudi-Omani Business Council and the bilateral cooperation agreements," he added. It is noteworthy that Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, arrived in Oman on Monday on an official visit. The visit would be an opportunity to explore various areas of interest to the two countries and their peoples' aspiration for achieving further progress and prosperity. The regional tour will also take the Crown Prince to the United Arab Emirates, Bahrain, Qatar, and Kuwait. The tour comes ahead of the annual GCC summit, which will be held in Riyadh in mid-December. Custodian of the Two Holy Mosques King Salman had received Oman's Sultan Haitham Bin Tariq at NEOM in July this year. During their talks, the King expressed hope of further strengthening bilateral ties and cooperation between the two countries, in a way serving the interests of both the countries and their peoples.
