Saturday, 19 Oct 2019 | 20 Safar 1441
Oman, UAE look to develop business opportunities

Oman, UAE appear to create company possibilities

The Omani side was chaired by H E Dr Ali bin Masoud bin Ali 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 UAE.

H E Dr Sunaidy stated that the sultanate adopted throughout the successive 5-year plans an open economy to the outdoors planet. He added the government has utilised oil and gas revenues to help education and wellness sectors, as nicely as infrastructure expansion although the present
5-year program focuses on the financial diversification programme via paying higher value to market, tourism, mining, fisheries wealth and logistics sectors.

H E Dr Sunaidy stated that the UAE is a main strategic companion for the sultanate as the two nations take pleasure in historic relations that are witnessing continuous improvement in different fields, specifically in the industrial and industrial fields.

He pointed out that the quantity of Omani-UAE joint organizations is continuously escalating. Till January 2019, the quantity of such organizations stood at about two,800 and they are operating in manufacturing, power, water, monetary activities, building, genuine estate and trade. Eng Mansoori stated that organising the financial forum represents a sensible translation of the keenness of the sensible leaderships of His Majesty Sultan Qaboos bin Said and Sheikh Khalifa bin Zayed al Nahyan, President of the UAE, to boost ties of cooperation in a manner that supports prosperity in the two nations.

He pointed out that the volume of non-oil trade in between the two nations in 2017 was recorded at AED36bn, a development price of 12.four per cent more than the year 2016.

He added that the exchange throughout the very first nine months of 2018 amounted to AED32.5bn. He anticipated such exchange would continue development to attain about AED45bn. The typical development of non-oil trade exchange in between the two nations stood at about ten per cent more than the previous 5 years.

Qais bin Mohammed al Yousef, chairman of Oman Chamber of Commerce and Industry, pointed out that the worth of Omani imports from the UAE throughout 2017 amounted to a lot more than RO4,250mn. The worth of Omani exports to the UAE exceeded RO2,270mn. The UAE’s investments registered in the sultanate was a lot more than RO393mn till 2016.

Information Source: Muscat Daily

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