Saudi Arabia and Oman have taken a significant step to bolster their financial ties through a new agreement aimed at enhancing cooperation and sharing expertise.
Signed during the Islamic Development Bank Group’s board of governors’ retreat in Madinah, the agreement seeks to improve financial policies, public sector governance, and coordination on regional and international matters.
Saudi Finance Minister Mohammed Al-Jadaan and Oman’s Finance Minister Sultan Al-Habsi formalized the memorandum of understanding to boost financial collaboration, as per a statement from the Saudi Finance Ministry.
Oman’s non-oil exports to Saudi Arabia have surged since 2020, exceeding 1 billion Omani rials by 2023, with non-oil imports from Saudi Arabia also increasing to 1.84 billion rials, according to Oman’s National Center for Statistics and Information.
Al-Jadaan emphasized the MoU as a pivotal step in deepening financial cooperation, facilitating expertise exchange, and fostering economic ties. Al-Habsi highlighted its role as a foundation for stronger bilateral relations and coordination on financial issues of mutual interest.
The agreement reaffirms Riyadh and Muscat’s commitment to collaborative financial sector goals, further solidifying their relationship.
In October 2024, both countries signed a deal to enhance economic and planning cooperation, focusing on strategic monetary policies and economic studies over five years. This agreement was finalized by Saudi Economy and Planning Minister Faisal Al-Ibrahim and Omani Economy Minister Said bin Mohammed Al-Saqri.
Earlier in April 2024, another MoU was signed between Al-Habsi and Sultan bin Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, focusing on joint development projects in infrastructure, education, and key industries.