UAE, Oman set up 2 specialised investment, transport committees

The UAE and Sultanate of Oman have agreed to set up two specialised committees on investment and transport to encourage joint investments and provide facilities for businesspersons in both countries.

The resolution was reached in the closing third meeting of the UAE- Omani Business Council held in Abu Dhabi today.

Mohammed Thani Murshed Al Rumaithi, Chairman of the Federation of UAE Chambers of Commerce and Industry, Board of Directors President of the Abu Dhabi Chamber of Commerce and Industry (ADCC) has lauded in his inaugural speech in the meeting hosted by ADCC and the Federation of UAE Chambers, the level of economic and investment cooperation ties between the businesspersons in the UAE and Oman.

He added that the ties date deep in history and bolstered by the bilateral relations that give them especial momentum, thanks to the will and endeavour of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and his brother His Majesty Sultan Qaboos bin Said of Oman.

Al Rumiathi said upon the directives by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, who also chairs the UAE side in the Higher Committee between the UAE and Oman, the two sides will increase and encourage cooperation between Emirati and Omani businesspersons as well as investments in both countries. They will also pledge to exploit untapped business opportunities and set up sustainable economic partnership.

He added that Sheikh Mansour ordered the removal of all impediments that hamper the trade flow between the two countries.

Al Rumaithi expressed his hope that the meeting would be a good opportunity to urge businesspersons and investors in both countries to implement joint projects, promote trade exchange and set up companies in areas of tourism, hotel, industry and other profit sectors.

He stressed genuine interest of both parties to activate activities of the UAE- Omani Business Council and set up strategic partnership between the two sides.

For his part, Khalil bin Abdullah Al Khunji, Chairman of the Omani Chamber of Commerce and Industry commended the strength and depth of fraternal ties between the two countries. "The economic cooperation ties are a model for integrated ties in the Gulf Cooperation Council for Arab States", indicating that the UAE is a top trade partner for Oman as 80 per cent of Sultanate of Oman non-oil trade is with the UAE. The UAE market during 2011 accounted for 40 per cent of non-oil Omani exports trade.

The Omani official disclosed that a number of UAE investment projects in Oman reached 3,300 worth 174 million Omani rials.

He hoped that the meeting would further contribute to expanding the economic and investment ties and reaching active trade exchange between the two countries.

Al Khunji called for holding of the fourth meeting in Muscat after Ramadan.

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