The economic and trade ties between Oman and Kuwait have been flourishing, driven by the efforts of both nations’ leaderships to implement agreements and memorandums of understanding. The private sectors in both countries are eager to capitalize on investment opportunities in lucrative sectors, fostering cooperation and mutual investments for their mutual benefit.
Statistics from the National Center for Statistics and Information (NCSI) indicate significant growth in the trade volume between Oman and Kuwait over the past five years. In 2019, trade stood at approximately OMR 115.4 million, soaring to OMR 789.3 million by November 2023.
Kuwaiti private sector investments in Oman have also seen substantial growth, reaching about OMR 922.3 million by the end of the third quarter of 2023.
The Duqm Refinery Project, a joint venture equally shared between Oman and Kuwait, exemplifies the depth of the fraternal relations between the two countries. This project, one of the region’s largest energy endeavors, signifies diversified investment cooperation and opens doors for further investments across various sectors.
Faisal bin Abdullah Al Rowas, Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry (OCCI), highlighted the significance of the Duqm Refinery and Petrochemical Industries Project. It represents a significant advancement for the Duqm region and the Special Economic Zone at Duqm (SEZAD). The project aligns with Oman’s strategy to enhance the value of oil and gas by converting crude oil into fuel products and petrochemical materials, boosting exports and the balance of payments.
Al Rowas emphasized that the official commencement of the project will have positive ripple effects on SEZAD’s other projects, especially in the logistics sector and the Port of Duqm, through the export of refinery products and related services.
Both countries’ private sectors are keen to establish more partnerships, particularly through small and medium-sized enterprises (SMEs), in line with the visions of Oman and Kuwait. They are also planning to increase trade exchange by organizing trade exhibitions and investment forums in Kuwait to promote Omani products and enhance trade and investment ties.
Sheikh Mubarak Abdullah Al Mubarak Al Sabah, Vice Chairman of the Board of Directors of Action Group Holdings, commended the strong historical and economic relations between Oman and Kuwait. He praised the commitment of both countries to expanding cooperation and partnership, including the joint investment project, the “Duqm Refinery.” He highlighted Oman’s favorable investment environment, pointing out Kuwaiti investments in Oman, particularly in the tourism sector.
Sheikh Mubarak Al Sabah noted that recent amendments to Oman’s investment laws and incentives have made it an attractive destination for foreign investors. He expressed optimism about the visit of His Highness Sheikh Mishal Al Ahmad Al Jaber Al Sabah, Emir of Kuwait, to Oman, believing it will strengthen business relations and activate cooperation agreements.
The evolving economic and trade relationship between Oman and Kuwait reflects their shared commitment to fostering growth and prosperity for both nations.
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