Saturday 05 / July / 2025
Riyadh: The second stage of the industrial integration initiatives between the Sultanate of Oman and the Kingdom of Saudi Arabia kicked off on Saturday within the activities of the Economy, Trade and Industry Committee of the Oman-Saudi Coordination Council.
The launch ceremony was organised under the patronage of Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion and Bandar bin Ibrahim bin Abdullah Al Khorayef, Minister of Industry and Mineral Resources in the Kingdom of Saudi Arabia, in the presence of Sayyid Najib bin Hilal bin Saud Al Busaidi , the Sultanate of Oman’s Ambassador to Saudi Arabia, its Permanent Representative to the Organisation of Islamic Cooperation and a number of officials from the two sides.
The ceremony included a virtual presentation on the key industrial initiatives between the Sultanate of Oman and the Kingdom of Saudi Arabia in priority sectors.
The ceremony also discussed a number of future initiatives aimed at boosting industrial cooperation, expansion of the mutual investments and the support of the supply chains and manufacturing between the two countries.
During the visit, Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion met with Prince Sultan bin Khalid Al Saud, CEO of the Saudi Industrial Development Fund. The meeting discussed the finance and financial support for the joint industrial projects.
The meeting also discussed ways of exchange of expertise in the fields of industrial estates and finance of basic structure supportive to the industrial sector.
The second stage of the industrial integration initiatives included incorporating the Sultanate’s products in the list of the industrial potentials approved in the KSA and implementation of the rules of the national source of origin as to ensure equal treatment between the Omani and Saudi companies in government tenders and purchases.
Qais Al Yousef reaffirmed that the launch of the second stage of the industrial integration initiatives and the signing of the bilateral agreements stress the joint interest of the Sultanate of Oman and the Kingdom of Saudi Arabia for boosting the economic cooperation and industrial integration between the two countries.
Qais Al Yousef met with Dr. Fahad bin Ibrahim Al Shathri, CEO of the Saudi General Authority of Competition.
The two sides discussed ways of technical and legislative cooperation and exchange of information on issues of competition and coordinating efforts for following with the cross- border harmful monopoly practices.
The event also saw the signing of a memorandum of understanding between the Ministry of Commerce, Industry and Investment Promotion and the General Authority of Competition on protection of competition and prevention of harmful monopoly practices.
The Minister of Commerce, Industry and Investment Promotion also met with Ibrahim bin Yousef Al Mubarak, Assistant Minister of Investment of the Kingdom of Saudi Arabia.
The meeting reviewed mutual investment opportunities in both countriesand the initiatives aimed at enhancement of the investment environment in the industrial and commerce sectors.
The minister also met with a number of representatives of the Saudi private sector.
The meetings reviewed the investment opportunities in the services, manufacturing and retail sectors besides exploring the opportunities of expansion in the regional markets through strategic partnerships between the private sectors in both the countries.
