In the past 12 years, the economic bond between the United Arab Emirates (UAE) and Oman has grown remarkably, with non-oil trade exchange numbers hitting 431 billion dirhams ($117.34 billion).
An impressive uptick of 473% since 2010, this data echoes the continuous upward trend in the economic relationship between these two Gulf nations, as per the UAE Ministry of Economy.
The UAE stands as Oman’s most significant global trading partner, contributing to over 40% of Oman’s imports and approximately 20% of its exports. From the UAE’s perspective, Oman is its second-largest trading ally within the Gulf Cooperation Council (GCC), accounting for 20% of the UAE’s trade with GCC nations.
Investment Landscape
The UAE is not only the largest Arab investor in Oman but also holds the third position globally, contributing more than 8.2% to Oman’s total foreign direct investment (FDI). This vast investment portfolio includes sectors like pharmaceuticals, cosmetics, energy generation, real estate, construction, industrial equipment, financial services, and oil and gas exploration, among others.
Omani investments in the UAE are valued at 3.1 billion dirhams, with the Sultanate having 389 registered trademarks, 19 commercial agencies, and 10 registered companies in the UAE.
The investment areas are diverse, including financial activities, manufacturing, real estate, professional, scientific, technical activities, and communications.
The strong historical, geographical, and social ties between the UAE and Oman have fueled the growth of their business sectors, particularly in tourism and the exchange of expertise. In 2021, the UAE’s hotel establishments hosted over 256,000 Omani guests, a 32% growth from 2020. The UAE also plays a crucial role in Oman’s tourism sector due to its unique attractions and easy access points.
The robust economic cooperation between Oman and the UAE serves as a testament to their shared vision of development and prosperity.
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