Saudi Arabia explores industrial and investment opportunities with Oman
Saudi Arabia’s industry and mining sectors are set to benefit from bilateral ties with Oman as their ministers met in Muscat to discuss industrial cooperation and investment opportunities, the Saudi Press Agency reported.
On Wednesday, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef met with Omani Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammed Al-Yousef to improve collaboration in the industry and mining sectors.
The meeting explored investment opportunities available within the framework of the Kingdom’s Vision 2030 and the Oman Vision 2040, forging a path of economic prosperity between the two nations.
Alkhorayef also met with Ali ibn Masoud Al-Sunaidi, the president of Oman’s General Authority for Special Economic Zones and Free Zone, to enhance cooperation in developing industrial and economic cities.
The minister’s visit also included his participation in the 50th meeting of the Industrial Cooperation Committee of the Gulf Cooperation Council.
In 2022, the Saudi Industrial Development Fund financed two joint projects with Oman, with a capital amounting to SR90.7 billion ($24 billion).
The Saudi minister has been touring the world, building partnerships in the mining sector.
Earlier this month, Alkhorayef concluded an official visit to Switzerland to enhance cooperation in the industrial and mining sectors and increase trade exchange and non-oil exports.
He held talks with Swiss State Secretary for Economic Affairs Helene Budliger Artieda and the executive president of Swiss Export Credit Agency, Barbra Huiz.
They discussed ways to collaborate with the Kingdom’s Vision 2030 in diversifying the economy and taking advantage of the investment prospects offered by the National Industrial Strategy.
This move comes as the Ministry of Industry and Mineral Resources aims to shield the mining sector and maximize its value in line with the Kingdom’s Vision 2030 and the National Industry Development and Logistics Program.
The ministry is working to transform the mining sector into the third pillar of the national industry while utilizing the Kingdom’s mineral resources dispersed across 5,300 sites and holding an estimated value of SR5 trillion.