Saudi Arabia and Oman have formalized a memorandum of understanding (MOU) aimed at enhancing economic and planning cooperation between the two nations. The agreement was signed on Thursday in Riyadh by Saudi Minister of Economy and Planning Faisal Al-Ibrahim and Omani Minister of Economy Said bin Mohammed Al-Saqri. This five-year commitment seeks to bolster medium- and long-term economic planning, monetary policies, and strategic studies.
Focus on Sustainability
A significant aspect of the agreement is its emphasis on promoting a green and circular economy, reflecting the priorities outlined by the Saudi Ministry of Economy and Planning. Both countries aim to align their economic strategies with sustainable development goals, fostering a more environmentally conscious approach to economic growth.
Intra-GCC Cooperation
The Saudi Ministry of Economy and Planning emphasized that this MOU is a vital step toward enhancing cooperation among Gulf Cooperation Council (GCC) countries. It aims to strengthen bilateral relations, aligning economic policies and fostering joint initiatives that benefit both nations.
Economic Reforms and Opportunities
Saudi Commerce Minister Majid Al-Qasabi greeted Al-Saqri and his delegation on October 9 and talked about measures to strengthen trade and commercial ties. Al-Qasabi highlighted the ongoing economic reforms under Crown Prince Mohammed bin Salman’s Vision 2030, which are designed to implement structural changes promoting sustainable growth. These reforms have notably improved the business environment, enhancing Saudi Arabia’s global competitiveness.
Future Development Initiatives
In April, another MOU was signed between Saudi Arabia and Oman, focusing on collaboration between Oman’s Ministry of Finance and the Saudi Fund for Development. Discussions during that meeting emphasized cooperation mechanisms and updates on development projects aimed at enhancing Oman’s industrial and logistical sectors. The primary objective is to encourage private sector investment in alignment with Oman’s Vision 2040, supporting critical sectors such as infrastructure, higher education, vocational training, and energy.
This latest MOU marks a significant step in fostering deeper economic ties and collaborative efforts between Saudi Arabia and Oman, setting a foundation for future growth and sustainable development.
