Al-Falih: 12 trillion riyals, the volume of targeted investments in the “Vision”

The Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, revealed that the volume of targeted investments within the framework of Vision 2030 amounts to 12 trillion riyals. He stressed that the Kingdom and the Sultanate of Oman are replete with promising investment opportunities, which provide a fertile ground for the establishment of various investment partnerships between the business sectors, explaining that the volume of targeted investments, within the framework of the Kingdom’s Vision 2030, amounted to 12 trillion riyals, while Oman’s 2040 vision is full of ambitious goals, including raising the proportion of foreign investments to the output. GDP to 10%, and raising the contribution of the non-oil sectors to the GDP to more than 90%. This came during the opening of the Saudi-Omani Investment Forum in Muscat yesterday, with the participation of the Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman, Qais bin Muhammad Al-Yousef, and the Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry Rida bin Juma Al Saleh. He said: Our two countries, like other countries of the world, live and develop under the same conditions and rapid changes that the whole world is facing. They are witnessing rapid changes in the economic data and the related diversification of the economy’s resources, the re-engineering of global supply chains, major transformations in the fields of energy and its sources, the growing reliance on smart technologies, and new conditions imposed on the whole world by the need to coexist with the Corona pandemic.

And he indicated that the development and transformational trends in the two countries, foremost of which are the Kingdom’s Vision 2030 and Oman’s 2040 vision, have provided a large space to find many qualitative joint strategic investment opportunities, and called for identifying the promising strategic sectors in the two countries, through which integration between the two economies is achieved, and investment opportunities are presented. Highly feasible, ready for implementation, which can be classified as quick gains and finding channels of work and partnership between private sector institutions, including the Joint Business Council. He called for removing any obstacles that might limit the growth of intra-regional trade and maximizing the benefit of the new border crossing, and suggesting ways to stimulate trade exchange, through the land route.

For his part, the Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman, Qais bin Muhammad Al-Yousef, explained that the attractive competitive elements, the stimulating investment environment, and promising projects, all confirm that the opportunity is favorable for businessmen and investors from the Kingdom to start their investments in the Sultanate of Oman. The same treatment that the Omani investor enjoys, and we will be keen to provide all aspects of support and cooperation in order to accelerate the pace of investment and commercial work between the two brotherly countries.

The Saudi-Omani Joint Business Council, at its second meeting in Muscat yesterday, discussed the formation of joint committees to promote intra-trade and take advantage of the new border crossing between the two countries. The Saudi side presented a visual presentation of the project of the Saudi Omani Holding Company. For his part, the head of the Saudi side of the Business Council drew attention to the fact that partnerships and investments between the two sides will raise the volume of trade exchange, and that the Saudi side is looking for large investments in the Sultanate related to the industrial, petrochemical, chemical manufacturing, fish farming, mining, food and animal feed sectors.