Oman-UAE Fraternal Relations Forge Stronger Ties in Economic and Strategic Partnership

Abu Dhabi, The Gulf Observer: The Sultanate of Oman and the United Arab Emirates (UAE) are experiencing an unprecedented surge in their bilateral relations, underpinned by fraternal bonds and a strategic partnership guided by the visionary leaderships of His Majesty Sultan Haitham bin Tarik and President His Highness Sheikh Mohamed bin Zayed Al Nahyan.

According to a report by the Oman News Agency (ONA) on Oman-UAE ties, the two nations are committed to advancing their relationship towards broader horizons that serve the interests of their respective peoples while upholding regional and global security and stability.

The distinguished relations between Oman and the UAE are deeply rooted in economic and trade collaboration, reflecting a shared vision established during the inaugural meeting between the late Sultan Qaboos bin Said and Sheikh Zayed bin Sultan Al Nahyan. Over the past five decades, these relations have embodied the essence of fraternity and harmony.

The upcoming state visit of His Majesty Sultan Haitham bin Tarik to the UAE holds immense significance, aimed at fostering and propelling bilateral relations to new heights. During this visit, the leaders will exchange views on regional and international developments, underscoring their commitment to effective cooperation across various sectors.

The Joint Supreme Committee established in 1991 between Oman and the UAE aims to enhance cooperation and coordination in diverse economic, commercial, cultural, and educational fields. It focuses on linking electricity and communications networks, coordinating land transport services, and promoting joint investment opportunities for the mutual benefit of Omani and Emirati peoples.

Sayyid Dr. Ahmed bin Hilal Al Busaidi, Oman’s Ambassador to the UAE, highlighted the positive impact of His Majesty’s upcoming visit on accelerating cooperation and partnership between the two nations. He emphasized that recent mutual visits between leaderships culminated in the signing of 16 agreements and memorandums of understanding across various sectors.

There has been a notable leap in economic relations between Oman and the UAE, driven by the leaderships of both countries. Sayyid Al Busaidi anticipated further cooperation in joint investment, consolidating and expanding the existing economic partnership.

Key Omani investments in the UAE span financial activities, insurance, manufacturing industries, real estate, and information and communications sectors. Conversely, significant Emirati investments in Oman include industrial, financial, banking, tourism, and real estate activities.

The UAE ranks as one of Oman’s top trading partners, accounting for a substantial volume of trade and investment exchange. Omani exports to the UAE exceeded RO 1 billion in 2023, reflecting a 20.4% increase compared to the previous year.

The Embassy of Oman in the UAE actively promotes economic and investment cooperation by engaging with relevant government agencies, chambers of commerce, industry stakeholders, and investors. The embassy encourages leveraging investment opportunities available in Oman.

Statistics from the National Center for Statistics and Information (NCSI) indicate that trade exchange between Oman and the UAE totaled approximately RO 5.439 billion by the end of 2023. Omani exports to the UAE comprised metal products, chemical industry products, and related commodities, while imports from the UAE included machinery, appliances, and electrical equipment.

The UAE ranks as the leading destination for Omani investments abroad, while Emirati investments in Oman continue to grow substantially.

The Oman and Etihad Rail joint company, established in 2022, reflects a significant collaboration between the two nations to develop a railway network linking Sohar Port to the UAE national railway network. This project aims to enhance supply chain efficiency, facilitate cross-border trade, and boost commercial and social connectivity.

Oman and the UAE share robust maritime links, benefiting both countries economically. The ports of both nations serve as vital gateways linking Asia, Europe, and Africa.

The Duqm Dry Dock in Oman has experienced increased projects from the UAE market, demonstrating substantial growth in marine services and maintenance.

In the tourism sector, joint investments have contributed to attracting more tourists to both countries, fostering cultural exchange and cooperation.

Through continuous engagement in cultural activities and events, Oman and the UAE strengthen their cultural ties, reflecting their deep-rooted historical and fraternal connections.

The evolving partnership between Oman and the UAE underscores a shared commitment to mutual prosperity, economic diversification, and strategic cooperation across various sectors, paving the way for sustained growth and development.