- Oman and Saudi Arabia launch the second phase of industrial integration.
- Discussions focused on boosting manufacturing, investment, and supply chains.
- Ministers reviewed funding plans and industrial zone development strategies.
The second phase of industrial integration efforts between Oman and Saudi Arabia (KSA) commenced in Al Riyadh as part of the initiatives by the Economy, Trade, and Industry Committee of the Omani-Saudi Coordination Council, on Saturday.
The inauguration event took place with Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, in the presence of Bandar bin Ibrahim al Khorayef, Minister of Industry and Mineral Resources of Saudi Arabia.
The event was attended by Sayyid Najib bin Hilal bin Saud al Busaidy, the Sultanate of Oman’s Ambassador to the Kingdom of Saudi Arabia, its Permanent Representative to the Organisation of Islamic Cooperation and its Permanent Representative to the Digital Cooperation Organisation in Al Riyadh, along with several officials from both nations, attended the event.
A visual display was organized showcasing the key current industrial initiatives between the two nations and prospective plans in specific fields within the frameworks of collaborative industrial integration.
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Several upcoming initiatives focused on improving industrial collaboration, broadening mutual investments, and bolstering supply chains and manufacturing between the two nations were deliberated.
Qais bin Mohammed al Yousef, the Minister of Commerce, Industry, and Investment Promotion, held a meeting with HH Prince Sultan bin Khalid al Saud, the CEO of the Saudi Industrial Development Fund (SIDF).
In the meeting, they talked about funding options and financial support for collaborative industrial projects, along with methods to share knowledge in developing industrial zones and financing infrastructure for the industrial sector.