Skip to content Skip to Search
Skip navigation

Oman-China trade value hits $15bn

By Inga Stevens
Qais bin Mohammed bin Moosa Al Yousef, the minister of commerce and industry for Oman Alamy via Reuters
Qais bin Mohammed bin Moosa Al Yousef, the minister of commerce and industry for Oman

Bilateral trade between Oman and China increased by 8 percent year on year in the first five months of 2024, reaching more than $15 billion, according to local media.

Officials said during an Omani-Chinese friendship forum in the southern city of Salalah that the major joint projects with China currently being implemented in Oman are in the areas of energy, mining, electricity generation, information technology and communications.

Chinese investment in Oman stood at over $6.6 billion, with 76 percent in the energy and petrochemicals sector, according to data reported by Al Roya newspaper.

Oman-China trade

Last year, state-owned China Telecom Global (CTG) signed a strategic subsea capacity and connectivity deal with Zain Omantel International (ZOI), a joint venture formed in May by Kuwait’s Zain Group and Oman’s Omantel

Chinese company Drinda will establish its first overseas solar photovoltaic facility in Oman, investing $700 million in a 10-gigawatt (GW) photovoltaic cell manufacturing plant

Solar manufacturer Q-Sun has formed a partnership with Omani company Bakarat Investment to build a 10GW solar module factory in the sultanate investing around $200 million

Oman LNG signed an agreement with China’s Unipec to supply one million tonnes of LNG annually starting in 2025. The four-year contract is the first LNG term deal with a Chinese company

The State Grid Corporation of China has contributed to upgrading Oman’s electricity transmission network with a project valued at $169 million, which was completed in 2023

Oman Air’s CEO, Con Korfiatis, wants to target China as a strategic market, saying China is a “huge tourist market with completely unexploited potential”

Oman and China have a mutual visa exemption agreement. The deal was reached in 2021 as part of efforts to enhance bilateral relations and boost tourism and investment

Latest articles

OQBI has offloaded 49% of its shares, with 40% going to retail investors

Oman’s OQBI poised to make Muscat bourse debut

Oman’s OQ Base Industries will debut on Muscat’s bourse on December 15 after the state oil company subsidiary completed a $489 million initial public offering. OQBI, the third OQ unit to float since March 2023, has offloaded 49 percent of its shares. Of the shares sold, 30 percent went to institutions, 40 percent to retail […]

Turkish arms exports

Turkish arms exports up 19% year on year

Turkish defence companies have posted another record-breaking year for exports, with a 19 percent increase year on year and sales to 178 countries. Sales from January to November this year have already eclipsed 2023’s total of arms and equipment shipments to overseas clients, reflecting the arms industry’s technical developments and broader product range.  Defence and […]

Dubai Duty Free said that the sales performance was strong in November despite tough trading conditions

Perfume sales propel Dubai Duty Free to $2bn 2024 target

Dubai Duty Free (DDF) recorded sales of AED7.13 billion ($1.94 billion) in the first 11 months of 2024, as it closes in on the $2 billion annual target. The airport retailer reported sales of $205.7 million last month, marking the fifth-best month ever, propelled mainly by perfume sales, the UAE state-run Wam news agency reported. […]

The UAE and Saudi Arabia are key growth markets where there is rising demand for premium cinematic experiences Imax

Imax seeks investors in its vision of growth in the Gulf

Imax Corporation, the US cinema technology giant, is in discussions with Gulf investors including sovereign wealth funds as it seeks to deepen its presence in one of its fastest-growing markets. The UAE and Saudi Arabia rank among Imax’s top 20 global markets, its popularity driven by rising demand for premium cinematic experiences. “We’re meeting various […]