Jeddah (Agencies): Saudi Arabia and Oman have signed a memorandum of understanding (MoU) to enhance economic and planning cooperation. The agreement, finalized on Thursday in Riyadh, was signed by Saudi Minister of Economy and Planning Faisal Al-Ibrahim and his Omani counterpart, Said bin Mohammed Al-Saqri. This five-year commitment focuses on medium- and long-term economic planning, studies, modeling, and monetary policies and strategies.
The MoU emphasizes promoting a green and circular economy, reflecting the growing economic ties between the two nations. Trade between Saudi Arabia and Oman reached SR36.8 billion ($9.81 billion), with Saudi exports accounting for SR22.5 billion.
The cooperation will involve the exchange of information, experiences, and studies, as well as mutual visits by experts and specialists. Plans include hosting conferences, seminars, and workshops to further this collaboration.
Saudi Commerce Minister Majid Al-Qasabi welcomed Al-Saqri and his delegation on October 9, discussing ways to enhance trade and economic partnerships. Al-Qasabi highlighted that Saudi Arabia’s economic reforms, guided by Crown Prince Mohammed bin Salman under Vision 2030, aim to promote sustainable economic growth and improve the business environment.
In April, another MoU was signed between the Kingdom and Oman, focusing on cooperation mechanisms and development projects. These efforts aim to enhance Oman’s industrial and logistical sectors, encouraging private sector investment in line with Vision 2040.
The memorandum is part of broader initiatives to support developmental efforts in Oman, including infrastructure, higher education, vocational training, and projects in industry, mining, transportation, communications, and energy sectors.