MUSCAT – The Kingdom of Saudi Arabia and the Sultanate of Oman reiterated on Tuesday their determination to further bolster bilateral ties and strengthen cooperation in wide ranging areas. In a joint statement issued at the end of the two-day visit of Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, to Oman on the first leg of his current tour of the Gulf Cooperation Council (GCC) states, the two countries affirmed their resolve to raise the pace of joint economic cooperation with improving qualitative trade and investment exchanges and enhancing private sector partnership. The statement highlighted the session of official talks held between Sultan Haitham Bin Tarik of Oman and the Crown Prince that reviewed prospects of joint cooperation and ways of developing them in diverse fields. The two leaders praised the cooperation and coordination achieved in the political, economic, military and security fields for the good of the two countries and their peoples. Saudi Arabia and Oman lauded the positive and fruitful outcomes achieved during the historic visit of Sultan Haitham to the Kingdom in July 2021 in further expanding the scope of bilateral relations. Sultan’s visit witnessed signing of a memorandum of understanding (MoU) on the establishment of the Saudi-Omani Coordination Council. The two sides hailed the announcement of the opening of the 725-km Saudi-Omani road, which contributes to the smooth movement of citizens of the two countries and the integration of supply chains in order to achieve the desired economic integration between the two countries. They also welcomed the launch of the Saudi and Omani ports. Energy and climate change cooperation Saudi Arabia and Oman lauded the efforts of the OPEC + countries to achieve the stability and maintain the balance of oil markets. They also stressed the importance of continuing this cooperation and the need for all participating countries to adhere to the OPEC + agreement. The two sides underscored the significance of the study of cooperation in joint opportunities in the field of oil, gas and petrochemical sector, as well as strengthening cooperation in the fields of petroleum products’ trade, renewable energy and its technologies, as well as in commercial exchange of electric energy and benefiting from the power grid, apart from maximizing the benefit of local content and national capabilities in energy sector projects. In the field of climate change, Oman appreciated the Saudi efforts and initiatives in confronting the phenomenon of climate change, the most important of which is the Green Saudi and the Green Middle East initiatives launched by the Crown Prince. The two sides agreed to cooperate in the field of energy and climate change and to work jointly within the framework of the Green Middle East Initiative in a way that enhances the benefits and gains at the local, regional and global levels. The two sides also welcomed the strengthening of cooperation in implementing the circular carbon economy approach launched by the Kingdom during its Presidency of G20 and approved by the group as an integrated and comprehensive framework for addressing the challenges arising from greenhouse gas emissions and managing them through available technologies, as an approach that represents an economically sustainable way to manage emissions. Trade and investment cooperation Saudi Arabia and Oman agreed to increase the facilities that contribute to the smooth flow of intra-regional trade, enhance cooperation in the field of food security, and take advantage of the opportunities available in the sectors of standardization, health and pharmaceutical industries, advanced technologies and innovation, renewable energy and industry projects, as well as in tourism and petrochemical projects, manufacturing industries, and logistical partnership. and financial technology, in order to achieve common benefits for the two countries. The Omani side welcomed the targeting of the Saudi Public Investment Fund’s move to invest $5 billion in Oman. Two MoUs were signed in the commercial and standardization fields. The two sides expressed their satisfaction over the results of the third meeting of the Saudi-Omani Business Council and the Economic Forum. A group of leading Saudi and Omani companies also signed a number of MoUs and these include the pacts signed between Aramco Trading Company with Okio, SABIC Petrochemical Company with Okio, Saudi Shipping Company with Oman International Logistics Group Asyad, and ACWA Power Company with Okio, Ma’aden with the Oman Minerals Development Company, and the Saudi Tadawul Group with the Muscat Stock Exchange. The two countries welcomed the signing of MoUs in the field of radio and television, exchange of news between the Saudi Press Agency and the Omani News Agency, and in audio-visual and print media. They also welcomed the meeting of the Saudi Journalists Association with its Omani counterpart. The two sides expressed their determination to enhance and develop joint work in the tourism sector, with underlining this sector’s contribution to the gross domestic product, as well as in creating job opportunities for citizens and diversifying sources of income. Saudi Arabia and Oman discussed major political issues of mutual concern at the regional and international arenas, especially the Yemeni and Lebanese situations. On the Yemeni issue, the two sides agreed to continue their efforts to find a comprehensive political solution to the Yemeni crisis, based on the Gulf initiative and its implementation mechanism, as well as the outcomes of the comprehensive National Dialogue Conference, UN Security Council Resolution No. 2216, and the Saudi initiative to end the Yemeni crisis and the suffering of the Yemeni people. Regarding the Lebanese issue, the two sides stressed the importance of carrying out comprehensive reforms to ensure that Lebanon overcomes its crises, and that Lebanon does not become a launching pad for any terrorist or criminal acts that destabilize the security and stability of the region. They also stressed the importance of reaching political solutions to the Syrian and Libyan crises in a way that ends the human suffering of the Syrian and Libyan peoples and preserves the unity and integrity of their territories. The two countries also stressed the importance of cooperation and dealing seriously and effectively with Iran’s nuclear and missile file with all its components and repercussions. This shall be in a way that contributes to achieving regional and international security and stability, emphasizing the principles of good neighborliness and respect for UN resolutions and international legitimacy, so as to rid the region of all destabilizing activities.