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Oman’s sultan in UAE to push for rebound in trade

UAE Oman trade Imago via Reuters
Oman's Sultan Haitham bin Tariq. The UAE is the sultanate's biggest trading partner for both exports and imports
  • UAE is Oman’s biggest trade partner
  • Emirates makes up 40% of Oman’s imports
  • Also top for Oman’s foreign investments

Sultan Haitham bin Tariq of Oman will arrive in the UAE on Monday for a state visit as he looks to cement ties with his country’s biggest trade partner.

During the visit the Omani ruler will meet UAE President Sheikh Mohamed bin Zayed Al Nahyan to discuss bilateral relations which were worth more than $14 billion last year.

This is slightly down on the previous year, according to the National Center for Statistics and Information.

The UAE is the sultanate’s biggest trading partner for both exports and imports. 

It constitutes over 40 percent of Oman’s total imports globally and about 20 percent of its exports to international markets.

In comments published by UAE state news agency Wam, the UAE’s Oman ambassador Ahmed bin Hilal Al Busaidi said the visit would contribute to “accelerating the path of cooperation, integration and partnership”.

He said he expected to see more joint investment cooperation across sectors including insurance, manufacturing, real estate, tourism and energy. He added that Omani exports to the UAE during 2023 exceeded $2.6 billion, an increase of 20 percent compared with 2022.

The UAE president visited Oman in September 2022 when 16 agreements and memoranda of understanding were signed, paving the way for joint cooperation.

Oman News Agency said the UAE is the sultanate’s top destination for overseas investments, amounting to $2.5 billion by the end of 2022. Emirati investments in Oman were also around $2.5 billion.

Oman-UAE trade highlights

  • Oman and Etihad Rail was established as a joint equally owned company in September 2022 with the aim of connecting and operating a railway network between Oman’s Sohar Port and the UAE, with a $3 billion investment.
  • Oman and Ras Al Khaimah are drawing up plans to jointly promote tourism, especially adventure holidays, in a “first of its kind” deal”.
  • In 2022 Abu Dhabi investment and holding company ADQ discussed a range of investment opportunities with Oman Investment Authority potentially worth $8.2 billion.

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