The UAE and Oman announced they have decided to set up two committees on investment and transportation in order to encourage joint ventures and improve business facilities in neighbouring countries. The agreement was signed during the third meeting of the UAE-Omani Business Council in Abu Dhabi on Sunday.
Mohammed Thani Murshed Al Rumaithi, Chairman of the Federation of UAE Chambers of Commerce and Industry, said the level of economic and investment ties between the two countries was increasing and that the history of cordial relations between both the states gave the partnership an additional momentum.
Al Rumaithi also praised Sheikh Mansour, UAE’s Deputy Prime Minister, for his efforts to remove all trade barriers between the countries.
“The economic cooperation ties are a model for integrated ties in the Gulf Cooperation Council for Arab States,” Chairman of Oman’s Chamber of Commerce and Industry Abdullah al-Khunji, said.
The UAE is the top trading partner of Oman, with buying around 80% of non-oil Omani exports.
Currently, there are 3,300 UAE investment projects worth 174 million Omani rials ($451.83m) in Oman. Analysts believe economic and investment ties between the two countries are expanding at a steady scale, with increased co-operation in sectors such as tourism, hotels, and industry.
The fourth meeting of the business council will be held in Muscat in August this year.