Arab News, Saturday, May 13, 2023 | Shawwal 23, 1444
Saudi Arabia explores industrial and investment opportunities with Oman
Saudi Arabia,
Oman
:
Saudi Arabia’s industry and mining sectors
are set to benefit from bilateral ties with Oman as their ministers met in
Muscat to discuss industrial cooperation and investment opportunities, the Saudi
Press Agency reported.
On Wednesday, Saudi Minister of Industry and
Mineral Resources Bandar Alkhorayef met with Omani Minister of Commerce,
Industry, and Investment Promotion Qais bin Mohammed Al-Yousef to improve
collaboration in the industry and mining sectors.
The meeting explored investment opportunities
available within the framework of the Kingdom’s Vision 2030 and the Oman Vision
2040, forging a path of economic prosperity between the two nations.
Alkhorayef also met with Ali ibn Masoud
Al-Sunaidi, the president of Oman’s General Authority for Special Economic Zones
and Free Zone, to enhance cooperation in developing industrial and economic
cities.
The minister’s visit also included his
participation in the 50th meeting of the Industrial Cooperation Committee of the
Gulf Cooperation Council.
In 2022, the Saudi Industrial Development Fund
financed two joint projects with Oman, with a capital amounting to SR90.7
billion ($24 billion).
The Saudi minister has been touring the world,
building partnerships in the mining sector.
Earlier this month, Alkhorayef concluded an
official visit to Switzerland to enhance cooperation in the industrial and
mining sectors and increase trade exchange and non-oil exports.
He held talks with Swiss State Secretary for
Economic Affairs Helene Budliger Artieda and the executive president of Swiss
Export Credit Agency, Barbra Huiz.
They discussed ways to collaborate with the
Kingdom’s Vision 2030 in diversifying the economy and taking advantage of the
investment prospects offered by the National Industrial Strategy.
This move comes as the Ministry of Industry and
Mineral Resources aims to shield the mining sector and maximize its value in
line with the Kingdom’s Vision 2030 and the National Industry Development and
Logistics Program.
The ministry is working to transform the mining
sector into the third pillar of the national industry while utilizing the
Kingdom’s mineral resources dispersed across 5,300 sites and holding an
estimated value of SR5 trillion.