Riyadh: The move, announced during a high-level meeting in Riyadh, aims to deepen trade, investment, and industrial collaboration across strategic sectors.

The launch ceremony, held as part of the Economy, Trade and Industry Committee of the Omani-Saudi Coordination Council, was presided over by Oman’s Minister of Commerce, Industry and Investment Promotion, H.E. Qais bin Mohammed Al-Yousef, and Saudi Arabia’s Minister of Industry and Mineral Resources, H.E. Bandar bin Ibrahim Al-Khorayef. It was attended by senior officials from both countries, including H.E. Sayyid Najib bin Hilal Al-Busaidi, Oman’s Ambassador to Saudi Arabia.

The second phase introduced a host of initiatives focused on boosting industrial cooperation, facilitating trade, and supporting supply chain integration. Key highlights include:

Inclusion of Omani products in Saudi Arabia’s approved industrial capabilities list.

Application of national rules of origin for equal treatment in government procurement.

Streamlined product registration with regulatory bodies in both countries.

Fast-track conformity procedures for industrial products.

Promotion of mutual investment opportunities and value chain integration targeting African markets.

Officials also reviewed achievements from the first phase, which featured joint industrial zone projects, shared industrial data systems, and technical groups working on regulatory harmonization.

During his visit, H.E. Qais bin Mohammed Al-Yousef held several bilateral meetings, including discussions with Prince Sultan bin Khalid Al Saud, CEO of the Saudi Industrial Development Fund, on financing and development of industrial infrastructure. He also met with H.E. Dr. Fahd bin Ibrahim Al-Shathri, CEO of the Saudi General Authority for Competition, to strengthen legal and technical cooperation on competition policy.

A Memorandum of Understanding was signed between Oman’s Ministry of Commerce, Industry and Investment Promotion and Saudi Arabia’s General Authority for Competition. The agreement focuses on combating monopolistic practices, exchanging expertise, and building a competitive legal environment.

This memorandum aims to exchange technical and legal knowledge, organize joint training, and support the development of fair competition legislation, explained Ahmed bin Salem Al Rasbi, Director General of Oman’s Competition Protection and Anti-Monopoly Center.

The visit also saw discussions with Saudi Energy Minister H.R.H. Prince Abdulaziz bin Salman Al Saud to explore joint efforts in petrochemicals and renewable energy, as well as meetings with H.E. Ibrahim bin Yousef Al Mubarak, Assistant Minister of Investment, and Saudi private sector representatives to expand industrial and commercial collaboration.

H.E. Al-Yousef emphasized that these efforts reflect the shared vision of Oman and Saudi Arabia’s leaderships to create a sustainable and competitive regional economy.