Saudi Arabia & Oman enhance economic ties with $9.8 billion trade agreement

Posted on October 17, 2024   |  

Saudi Arabia and Oman are enhancing their economic partnership, with total bilateral trade reaching $9.8 billion, including $5.9 billion in Saudi exports to Oman.

Oman’s Minister of Economy visited Saudi Arabia to discuss strengthening trade ties with the Saudi Minister of Commerce and the Chairman of the National Competitiveness Center.

The discussions focused on key economic issues prioritized by the Gulf Cooperation Council (GCC) to improve regional and international trade.

By mid-2024, trade between Oman and Saudi Arabia exceeded $2.63 billion, showing significant economic activity.

Saudi direct investments in Oman increased to $314.63 million, up from $209.41 million in 2021, reflecting growing collaboration.