Oman-Saudi economic and trade ties to witness huge growth

Oman-Saudi economic and trade ties to witness huge growth

Muscat: Over the next few days, the Sultanate and the Kingdom of Saudi Arabia (KSA) will enter into a new stage of economic, commercial and investment partnership that gains the support of the two countries' political leaderships and their keenness to foster ties of cooperation aimed at realising their common interests. This partnership stems from ambitious goals set by Oman Vision 2040 and Saudi Vision 2030. The two visions encompass a huge volume of investment opportunities that collectively constitute a springboard for economic diversification. This approach envisages the creation of favourable conditions for the private sector and investors so that they could play a greater role in the future in generating employment opportunities for the national manpower and stimulating economic growth based on innovation. Within the context of Oman Vision 2040, the Sultanate strives to build solid grounds of economic diversification informed by technology, knowledge and innovation. It will be a type of economy based on consolidating frontline connections and rear-side support with the purpose of expanding a production-export base, in addition to achieving diversity of commercial partners. The trend will deepen investment in high added value sectors and enhance the contribution of non-oil sectors to the Gross Domestic Product