Oman-UAE Strategic Relations: A Deep Economic Partnership
The strategic alliance between Oman and the United Arab Emirates stands as a testament to the strong, enduring bonds nurtured under the leadership of His Majesty Sultan Haitham bin Tarik of Oman and Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE. This partnership is marked by mutual dedication to expanding cooperation and pushing for broader horizons that benefit both nations and contribute to regional and global stability, security, and prosperity.
The foundation of Oman-UAE relations is unique, tracing back to the seminal meeting between the late Sultan Qaboos bin Said of Oman and Sheikh Zayed bin Sultan Al Nahyan of the UAE. Over the years, these ties have blossomed into a remarkable development, embodying the spirit of brotherhood and harmony.
Most recently, a state visit by His Majesty Sultan Haitham bin Tarik to the UAE has underscored the commitment to elevating bilateral relations further, fostering progress and prosperity. This visit, emphasizing shared goals and mutual interests, also offered a platform to discuss regional and international developments.
Characteristic of the Oman-UAE relationship is a comprehensive cooperation spanning various fields. Since the formation of the joint supreme committee in 1991, both countries have sought to enhance their economic, cultural, and educational ties. From linking electricity and communications networks to coordinating transportation and nurturing joint investments, Oman and UAE are deeply intertwined in their pursuit of a prosperous future for their people.
Dr. Sayyid Ahmed bin Hilal Al Busaidi, Oman’s Ambassador to the UAE, highlighted the impactful nature of these high-level visits, which have culminated in the signing of 16 agreements and MOUs across diverse sectors. He expects these interactions to further bolster joint investment efforts, enriching the economic partnership between the two countries.
Indeed, the economic relationship is witnessing strategic enhancements, reflecting a deep commitment to strengthening bilateral ties, especially in economic realms. Significant Omani investments in the UAE span various sectors, including finance, insurance, manufacturing, and real estate, among others. Conversely, the UAE has channelled investments into Oman’s industrial, banking, tourism, and energy sectors, showcasing a balanced and beneficial economic exchange.
Trade statistics exhibit a robust growth trend, with Omani exports to the UAE in 2023 surpassing RO1 billion, a notable increase from the previous year. This upward trajectory underscores the deep economic interdependence and the promising outlook of their partnership.
The National Center for Statistics and Information’s data reflects a vibrant trade exchange, highlighting the integral role of the UAE as a primary trading partner for Oman. Direct investments further emphasize the mutual confidence between the two nations, with significant capital flowing both ways to support diverse economic activities.
The ease of goods transportation and the free movement of products through land ports underscore the strategic importance of Oman to UAE’s trade, complementing efforts towards economic diversification. The private sectors in both countries play crucial roles in this dynamic, driving growth and innovation across various industries.
Faisal bin Abdullah Al Rawas, Chairman of the Oman Chamber of Commerce and Industry, lauds the ever-growing economic relations between Oman and the UAE. He underscores the shared vision and brotherhood as foundational pillars for further developing and strengthening these ties. With Oman serving as a pivotal gateway for UAE exports, the potential for expanding trade and investment exchange is immense.
Al Rawas highlights the competitive business environment in Oman as a key attractor for investors, pointing to vast opportunities in sectors like pharmaceuticals, energy, real estate, and tourism. He also notes the significant tourism exchange between the two countries, suggesting potential partnerships in the tourism sector could attract even more visitors from abroad.
In conclusion, the strategic relations between Oman and the UAE are a beacon of economic partnership and cooperation. Through sustained efforts and a shared vision, both nations continue to build on a legacy of brotherhood, setting a standard for regional collaboration that promises mutual prosperity and development.
