JEDDAH: Saudi Arabia and Oman are set to strengthen financial ties with a new agreement aimed at enhancing cooperation and facilitating the exchange of information and expertise.
The deal, signed during the board of governors’ retreat of the Islamic Development Bank Group in the city of Madinah, aims to improve financial policies, governance in the public sector, and joint coordination on regional and international issues.
Saudi Minister of Finance Mohammed Al-Jadaan and his Omani counterpart, Sultan Al-Habsi, signed a memorandum of understanding to enhance cooperation in financial affairs between the two countries, according to a statement from the Saudi Finance Ministry.
This comes as Oman’s non-oil exports to Saudi Arabia have more than doubled since 2020, surpassing 1 billion Omani rials ($2.6 billion) by the end of 2023, according to Oman’s National Center for Statistics and Information. Non-oil imports from Saudi Arabia also grew, reaching 1.84 billion rials in the same period.
Al-Jadaan said “this MoU represents a significant step in the ongoing efforts to deepen financial collaboration between the two brotherly nations,”
He added: “it will pave the way for the exchange of financial expertise, the promotion of knowledge-sharing, and the fostering of closer economic ties.”
Al-Habsi underscored the importance of the MoU as “a cornerstone for enhancing bilateral relations.”
He said that “it will facilitate the exchange of financial information and expertise while strengthening coordination between Saudi Arabia and Oman on regional and international financial issues of mutual interest.”
The agreement underscores the commitment of Riyadh and Muscat to collaborate on advancing shared financial sector goals, further strengthening the ties between the two nations, the release added.
In October 2024, the two countries signed a deal to enhance economic and planning cooperation, focusing on medium and long-term strategies, monetary policies, and economic studies.
The five-year agreement was finalized by Saudi Minister of Economy and Planning Faisal Al-Ibrahim and Omani Minister of Economy Said bin Mohammed Al-Saqri.
Earlier in April 2024, another MoU was signed during a meeting between Al-Habsi and Sultan bin Abdulrahman Al-Marshad, the CEO of the Saudi Fund for Development.
The agreement centered on joint development projects, including initiatives in infrastructure, higher education, vocational training, and key industries, including mining, transportation, communications, and energy.
