RIYADH — Minister of Investment Khalid Al-Falih — during his inaugural speech of the first Saudi-Omani Investment Forum, currently held in Riyadh under the theme: "Partnership and Integration" — stressed Saudi Arabia's keenness to enhance and develop investment and economic relations with Oman, an important and effective partner.

Al-Falih noted that the strong ties that bring the two countries together have pushed the leadership of the two brotherly peoples towards realizing development integration, the top of which are the Saudi Vision 2030 and Oman Vision 2040.

He stressed that both sides seek to realize the ambitious goals by empowering the private sector and companies, facilitating doing business, and removing all challenges in a bid to create more investment opportunities.

He also stressed the importance and vitality of the private sector and its effective role in driving the development process in the two countries, contributing to activating the Saudi-Omani partnership.

He stated that it plays a significant role in the success of the forum and exhibition via providing ideas and creativity to the development of investment and trade.

For his part, Omani Minister of Commerce, Industry and Investment Promotion Qais Al-Yousef underscored that the forum reflects the solid ties between the two countries at all levels.

He stressed their role in activating partnerships in priority sectors to develop economic sustainability, keep pace with economic changes, and connect industries, mainly those pertaining to the fourth industrial revolution.

Meanwhile, the forum witnessed the signing of 13 investment memoranda of understanding between the public and private sectors of the two countries in various areas, whose total value exceeds SR1 billion.

The MoUs include: storage of oil and petrochemicals; renewable energy and green hydrogen; mining investment; logistics and transport; entrepreneurship; automation of research, development, and innovation; fisheries; supporting marine industries; tourism and travel; and solar energy projects.

The forum also included bilateral sessions and meetings among representatives of the private sector and major Saudi and Omani companies to discuss aspects of cooperation and investment opportunities.— SPA