Oman, Kuwait to further enhance economic and cultural partnership
Both the countries are currently working on implementing joint economic projects, anticipating the visit by His Majesty Sultan Haitham bin Tarik to the State of Kuwait on Monday
MUSCAT: The Sultanate of Oman and Kuwait are linked by strong bonds, and their relations are based on strong foundations of understanding, mutual respect, and sincere cooperation.
Both the countries are currently working on implementing joint economic projects, anticipating the visit by His Majesty Sultan Haitham bin Tarik to the State of Kuwait on Monday.
His Majesty the Sultan’s visit may witness the signing of a number of memorandums of understanding and executive programmes in the economic, cultural and artistic fields.
There has been an increase in the volume of trade exchange between the two countries and the volume of direct Kuwaiti investment in Oman is concentrated in manufacturing industries, real estate activities, hotels, trade, and financial intermediation.
The number of Kuwaiti visitors to the Sultanate of Oman increased from 32,000 tourists in 2022 to 40,000 in 2023, noting that the Embassy of the Sultanate of Oman in Kuwait has coordinated with the Ministry of Heritage and Tourism and the Municipality of Dhofar to implement a promotional campaign for tourism in the Sultanate of Oman this May, which will continue for several days. The aim is to increase the number of visitors from the citizens of Kuwait.
Dr. Saleh bin Amer Al Kharousi, the Sultanate’s ambassador accredited to Kuwait, noted that there is ongoing cultural and artistic cooperation and exchange between the two countries, and activities are being coordinated in partnership with competent authorities, including the Ministry of Culture, Sports and Youth, and the National Museum in the Sultanate of Oman with the National Council for Culture and Arts. Arts and the House of Islamic Antiquities in Kuwait.
Dr. Mohammed Nasser Madhi, ambassador of Kuwait accredited to the Sultanate,, the Ambassador of the State of Kuwait accredited to the Sultanate of Oman, said that His Majesty’s visit will strengthen the bonds of the distinguished relationship between the leaderships of the two countries and the brotherly people.
The visit to Kuwait is historic due to the ancient and deep-rooted relations enjoyed by the State of Kuwait and the Sultanate of Oman, and will culminate in cooperation at the political level in many regional and international fields and is characterised by vision and coordination, he said.
On the cultural level, he pointed out that Kuwaiti students are present in the universities of the Sultanate of Oman, and in return there are Omani students in the universities of the State of Kuwait in various specialisations.
Statistics issued by the National Center for Statistics and Information indicate a significant increase in the volume of trade exchange between the Sultanate of Oman and the State of Kuwait, recording an increase of 211 percent, reaching by the end of 2023 about OMR876.72 million, compared to the year 2022, which amounted to OMR281.85 million.
The volume of direct investments from the State of Kuwait in the Sultanate of Oman amounted to OMR830.90 million until the end of the fourth quarter of 2023 while the value of Omani exports to the State of Kuwait for the year 2023 amounted to OMR133.38 million, an increase of 24.2%. percent compared to the year 2022, amounting to OMR107.41 million.
While the total value of the Sultanate of Oman’s imports from the State of Kuwait during the past year was about OMR669.445 million compared to OMR131.21 million during the year 2022, meaning an increase of 410 percent.
The number of Kuwaiti companies registered in the Sultanate of Oman by the end of 2023 amounted to about 301 with a total invested capital exceeding OMR84.4 million, concentrated in the sectors of manufacturing, transportation, storage, real estate, financial, insurance, professional, scientific, technical, services, and other activities.