Saudi Arabia and Oman agree MoUs at Riyadh food show
04/07/23
Saudi Arabia and The Sultanate of Oman have signed multiple contracts and memoranda of understandings (MOUs) at the recent Saudi Food Show. The agreements reflect the strengthening of economic and investment ties between Riyadh and Muscat.
At the event, the Saudi Investment Ministry hosted a senior delegation from Oman, culminating in the signature of 13 MoUs in a diverse variety of sectors, including biochemical, energy, mining and food. One notable tie up featured Saudia Dairy and Foodstuff Company (SADAFCO), who agreed a sales and export agreement for its products in Oman, according to a stock exchange filing.
The two countries further discussed bilateral agreements between key company executives, investors, commercial agents and suppliers. The signed agreements underscored the long standing partnership between Saudi Arabia and Oman, which have been reinforced in recent years through high level diplomatic endeavours.
Such recent developments have witnessed the Saudi Minister of Investment and the Chairman of the Oman Investment Authority meet to further develop economic ties and discuss future collaboration. In December 2021, Saudi Arabia and the Sultanate of Oman announced the opening of the first land crossing between the Gulf states to promote trade exchange and improve ease of travel.
The four day forum was held under the theme “Partnership and Integration” and was aimed at building sustainable partnerships in key sectors which contributed to enhancing mutual interests of both sides.
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