Oman and Saudi Arabia are planning to set up joint ventures as part of an agreement to promote mutual investments in the two Gulf countries, an Omani official has said.

Salim Al-Junaibi, a member of Oman’s State Council and Chairman of the Chamber of Commerce and industry in Al-Wusta Governorate, said the two GCC members already have strong investment and commercial relations.

In comments published by the Saudi Asharqalwsat newspaper, Junaibi estimated Saudi investments in Oman at around $6.4 billion and Omani investments in the Kingdom at nearly $1.2 billion.

“There is a plan to further bolster economic links with Saudi Arabia through the establishment of joint projects in various sectors…the plan includes offering more incentives to investors in both countries,” Junaibi said.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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