The Diplomat
Sultan Haitham bin Tariq of Oman will pay a visit to Saudi Arabia today and tomorrow at the invitation of King Salman bin Abdulaziz of Saudi Arabia.
Both Muscat and Riyadh are attaching great importance to the trip, which will be Haitham bin Tariq’s first abroad since he took over as head of Oman in January 2020, following the death of his cousin Sultan Qaboos bin Said, who ruled the country for nearly 50 years.
The visit is aimed at strengthening relations between the two countries and expanding areas of joint cooperation, but is viewed with great interest in other capitals in the region, where Oman has often been involved in mediation.
In the coming days, the Sultanate and the Saudi Kingdom will enter a new phase of economic, trade and investment partnership, which stems from the ambitious goals set by Oman’s Vision 2040 and Saudi Arabia’s Vision 2030. Both visions encompass a huge volume of investment opportunities that together constitute a springboard for economic diversification.
This approach envisages the creation of favourable conditions for the private sector and investors so that they can play a greater role in the future in generating employment opportunities for the national workforce and stimulating innovation-based economic growth.
One of the major objectives is the speeding up of the motorway linking the two countries, which will lower transport costs and facilitate the movement of traders and investors. In addition, the highway will boost the logistics and tourism sectors and greatly enhance the creation of joint ventures.
Saudi Arabia is among the Sultanate’s most important trading partners. In 2020, it ranked second on the list of top importers of Oman’s non-oil exports, as well as fourth on the list of re-exporting countries and fifth on the list of those from which the Sultanate imports goods.
