Oman-UAE Economic Forum looks to boost investment opportunities
The Omani side was chaired by Dr. Ali bin Mas’oud Al Sunaidy, Minister of Commerce and Industry while the UAE side was led by Eng. Sultan bin Said Al Mansoori, Minister of Economy of UAE
MUSCAT: The Ministry of Commerce and Industry yesterday organised the Oman-United Arab Emirates (UAE) Economic Forum.
The forum aims to develop available investment and business opportunities between businessmen and businesswomen from both sides.
The Omani side was chaired by Dr. Ali bin Mas’oud Al Sunaidy, Minister of Commerce and Industry while the UAE side was led by Eng. Sultan bin Said Al Mansoori, Minister of Economy of the sisterly UAE.
Dr. Al Sunaidy delivered a speech during which he said that the Sultanate adopted during the successive five-year plans an open economic policy.
He added the Government has utilised oil and gas revenues to support education and sectors health, as well as expansion in infrastructure projects while the current five-year plan focuses on the economic diversification program through according a greater importance to industry, tourism, mining, fisheries wealth and logistics sectors.
Dr. Al Sunaidy said that the UAE is a major strategic partner for the Sultanate as the two countries enjoy historic relations that are witnessing continuous development in various fields particularly in the commercial and industrial fields especially the smooth movement of goods and national products between the two countries at the border posts.
He pointed out that the number of the Omani-UAE joint companies is constantly increasing. Till January 2019, the number of such companies stood at about 2,800 and they are operating in manufacturing, energy, water, financial activities, construction, real estate and trade.
He hoped that this forum would develop these partnerships, exchange experiences and knowledge, and establish more projects, which serve economies of the two brotherly countries.
Eng. Sultan Al Mansoori said that organising this economic forum represents a practical translation of the keenness of the wise leaderships of His Majesty Sultan Qaboos bin Said and Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE to enhance ties of cooperation in a manner that supports prosperity of the two brotherly countries.
He said the bilateral relations between the Sultanate and the UAE represent a distinguished example of strong and well-established ties, not limited to interests and constructive cooperation in areas of common concern, but rather they are of a special nature characterised by honest brotherhood and geographical proximity based on good neighbourhood and close social and family bonds that are of great importance to the two brotherly peoples.
He pointed out that the volume of non-oil trade between the two countries in 2017 registered about AED36 billion, a growth rate of 12.4 per cent over the year 2016. He added that the exchange during the first nine months of 2018 amounted to AED32.5 billion. He expected such exchange would continue growth in 2018 to reach about AED45 billion. The average growth of non-oil trade exchange between the two countries stood at around 10 per cent over the past five years.
Eng. Al Mansoori further said that the Sultanate is the second largest trading partner of the UAE at the level of GCC countries in 2017 and ranked 12th at the world level. He explained that in the investment field, the UAE is one of the most important investors in the Sultanate.
The UAE investment in the Sultanate by the end of 2016 is estimated at more than AED8.8 billion while the Sultanate invests more than AED 1.3billion in the UAE until the end of the same year.
Initiative
Qais bin Mohammed Al Yousef, Chairman of Oman Chamber of Commerce and Industry (OCCI) said the forum came as per an initiative from the UAE side.
He added that the UAE delegation is formed of the UAE Chamber of Commerce and Industry and businessmen who represent different sectors while the Omani side comprising representatives of the OCCI, businessmen and businesswomen. As for the business activities, Al Yousef pointed out that the value of Omani imports from the UAE during 2017 amounted to more than OMR4.250 million. The value of Omani exports to the UAE exceeded OMR2.270 million. The UAE’s investments registered in the Sultanate hit more than OMR393 million till 2016.
Presentations
During the forum, presentations were given by Azzan bin Qassim Al Busaidi, Director General of Planning and Studies in the Public Authority for Investment Promotion and Export Development (Ithraa) highlighting its role in attracting foreign investments, developing non-oil exports, seeking to attract investments to implement economic development plans and develop exports of the Omani products to improve the trade balance of the Sultanate.
A presentation was also made by Saleh bin Hamoud Al Hassani, Director of One Stop Station (OSS) at the Special Economic Zone Authority in Duqm (SEZAD). He addressed the most important investments in the Special Economic Zone in Duqm (SEZD), as well as matters elated to the completion of infrastructure in the zone, such as port, dry dock and Duqm Airport.
Khalid bin Sulaiman Al Salehi, Director of Marketing and Promotion at the Public Establishment for Industrial Estates (Madayn).
He reviewed Madayn mission in attracting industrial investments and providing continuous support through regional and global competitive strategies, as well as availing good infrastructure, value-added services and easy government procedures.
B2B meetings were held during the forum among Omani and UAE businessmen and businesswomen. Investment opportunities were reviewed between the two countries, as well as exploring means to benefit from such opportunities.