Oman And UAE Bolster Strategic Partnership And Economic Cooperation

The Sultanate of Oman and the United Arab Emirates (UAE) have long been pillars of strategic partnership and economic collaboration in the Middle East. The leaderships of His Majesty Sultan Haitham bin Tarik and President His Highness Sheikh Mohamed bin Zayed Al Nahyan have been instrumental in fostering these ties. This relationship, rooted in a historic meeting between late Sultan Qaboos bin Said and Sheikh Zayed bin Sultan Al Nahyan, has flourished over the past five decades, embodying fraternity and harmony.

Recently, Sultan Haitham bin Tarik's state visit to the UAE underscored the importance of this bilateral relationship. The discussions between the two leaders on regional and international developments highlighted their commitment to cooperation across various sectors. Established in 1991, the joint supreme committee between Oman and the UAE aims to bolster coordination in economics, commerce, culture, education, and more, including enhancing connectivity in electricity and communication networks.

Sayyid Dr. Ahmed bin Hilal Al Busaidi, the Omani Ambassador to the UAE, noted a significant leap in economic relations between the two nations, marked by increased investment cooperation. Omani investments in the UAE span financial activities, manufacturing industries, real estate, among others. Conversely, Emirati investments in Oman cover industries such as finance, banking, tourism, and construction. The UAE stands as one of Oman's most crucial trading partners, with trade and investment exchange seeing continuous growth.

The Embassy of Oman in the UAE is dedicated to furthering economic and investment cooperation by liaising with relevant government bodies and investors. By the end of 2023, trade exchange between Oman and the UAE exceeded RO 5.4 billion, with Omani exports surpassing RO 1 billion. The establishment of "Oman and Etihad Rail" in 2022 aims to develop a railway network linking Sohar Port to the UAE national railway network, enhancing logistics services and commercial connectivity.

Omani and Emirati ports are interconnected, facilitating mutual economic benefits and acting as a conduit between Asia, Europe, and Africa. The Duqm Dry Dock has experienced significant growth due to projects from the UAE market. In tourism, both countries not only attract visitors but also engage in joint tourism investments. Cultural cooperation is strengthened through joint events and participation in cultural exhibitions and book fairs.

In conclusion, the Sultanate of Oman and the UAE continue to build on their strong economic, trade, and cultural relations under their leaderships' guidance. Their collaboration aims at reaching new heights of cooperation for their peoples' mutual benefit.

With inputs from WAM