Oman and UK aim to boost trade exchange in high-level ministerial meeting  

  • 9/14/2023
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RIYADH: Trade relations between Oman and the UK are set to strengthen following a top-level ministerial meeting. The Minister of Commerce, Industry, and Investment Promotion of Oman Qais bin Mohammed Al-Yousef held discussions with Nigel Huddleston, the UK’s business minister, to explore avenues of joint collaboration between the nations, as reported by the Oman News Agency. During the meeting, the two countries reviewed indicators of intra-regional trade growth and explored strategies to further enhance it. Central to their discussions was the goal of increasing trade exchange and investments between Oman and the UK. The ministers also tackled ways to further boost trade exchange and investments as well as the current position related to the negotiations of the free trade agreement between the countries of the Gulf Cooperation Council and the UK. In addition to this, Undersecretary of Oman’s Ministry of Energy and Minerals, Mohsin bin Hamad Al-Hadhrami, met with Huddleston to discuss bilateral relations between the two countries in the fields of trade, renewable energy, and green hydrogen. The discussions took place in the “Invest in Oman” hall, a dedicated space that was launched earlier this year to serve as a unified gateway, offering integrated services to investors and presenting investment opportunities exceeding 1 million Omani rial ($2.6 million). Huddleston was scheduled to attend the 65th Trade Cooperation Committee meeting of the Gulf Cooperation Council countries in Salalah on Thursday to discuss the negotiations for the free trade agreement between the Gulf nations and the UK. Oman to develop $1.26bn worth of projects Meanwhile, the Oman Tender Board is on course to see a surge in new development projects spanning various sectors, with a total value exceeding 488 million Omani rials ($1.26 billion). This decision was reached during the board’s fifth meeting of the year, presided over by Minister of Economy Said Mohammed Al-Saqri. During the meeting, the council approved several projects, including the design and construction of the Oman Cultural Complex building, comprising three main structures and eight facilities buildings, valued at over 147 million rials. The Ministry of Health’s procurement of medicines, vaccines, and serums accounted for more than 130 million rials in approved expenditure. Additionally, the council sanctioned the design and implementation of the remaining segments of the Batinah Coastal Road in both the south and north regions, with a budget exceeding 78 million rials. Other approved projects encompassed the construction of the Al Ansab-Al Jifnain road dualization, valued at 53 million rials, and the equipping of the new Ministry of Health building, amounting to 7 million rials. The council also greenlit various other projects, including the construction of tunnels, drainage networks, and air traffic management systems, among others.

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