Oman, 15 January, 2025 : Dr. Saleh Al-Kharousi, Ambassador of Oman to Kuwait, announced that 2024 is a “golden year” for Omani-Kuwaiti relations, marked by significant milestones. Speaking at a press conference to commemorate the fifth anniversary of Sultan Haitham bin Tariq’s rule, Al-Kharousi revealed that ongoing discussions between the two nations focus on new projects across various sectors.
Projects include investments in renewable energy, mining, and the Duqm Economic Zone. The automobile industry, tourism infrastructure in Dhofar, and food security, including fish farming, are among the key areas of collaboration. Both government and private sector-driven ventures present additional opportunities for bilateral cooperation.
In terms of trade, Omani-Kuwaiti investment and direct exchange reached 1.26 billion Omani riyals in 2023, with trade surpassing 1.56 billion riyals in 2024. Kuwait’s direct investment in Oman amounted to USD 3.27 billion in 2023, increasing to USD 2.16 billion by September 2024.
Key developments include the inauguration of the Duqm Refinery and Petrochemical Industries during the state visit of Kuwait’s Amir Sheikh Meshal Al-Ahmad to Oman in February 2024. The refinery, a joint venture between OQ Oman and Kuwait Petroleum, is one of the largest in the Middle East.
Further enhancing this collaboration, a USD 7 billion petrochemical project and a massive oil storage facility in Ras Markaz are expected to drive future growth. Sultan Haitham bin Tariq’s visit to Kuwait in May 2024, which included the Omani-Kuwaiti Economic Forum, further reinforced the two countries’ commitment to deepening economic ties.
Source : www.zawya.com
