UAE-Oman bilateral trade hit $117 billion in 12 years

Economic and investment relations between the UAE and Oman are growing steadily, bringing the total non-oil trade between the two countries over the past 12 years to AED 431 billion ($117.34 billion), according to Ministry of Economy data.

The data indicated that the non-oil trade between Oman and the UAE grew by 473% last year compared to 2010, and has been able to record sustained growth since 2010, reaching AED 8.5 billion and increasing to AED 11.7 billion in 2011, 23.4 billion in 2012, 28.8 billion in 2013, 29.2 billion in 2014, 30 billion in 2015, 31.9 billion in 2016, 35.9 billion in 2017, 46 billion in 2018, and 48 billion in 2019, before declining slightly due to the pandemic in 2020 to AED 42.3 billion, rising to AED 46.5 billion in 2021, and reaching AED 48.7 billion in 2022.

The UAE is Oman’s largest trading partner worldwide and the largest exporter and importer of Oman, accounting for more than 40% of Oman’s total imports from the world and accounting for about 20% of Oman’s exports to world markets.

In return, Oman is the second-largest Gulf trading partner in the UAE. It accounts for 20% of the UAE’s total trade with GCC countries.

In terms of investment, the UAE is the largest Arab investor and the third largest global investor in the Sultanate of Oman, contributing more than 8.2% of Oman’s total FDI stock.

UAE direct investment in Oman reached AED 8.8 billion.

The most important sectors of UAE investment in Oman include the pharmaceutical industry, cosmetics, power generation, real estate activities, construction and industrial equipment, the financial and banking sector, as well as hotels, restaurants, the industrial sector, oil exploration, natural gas and refrigeration, fish farming, seafood trade, wholesale and retail trade, and the establishment of shopping and leisure centers.

Omani investment in the UAE amounted to AED 3.1 billion, with the UAE comprising 389 registered Omani brands, 19 commercial agencies, and 10 registered Omani companies.

The sectors on which Oman’s investments focus are primarily financial, insurance activities, and manufacturing sectors; real estate; professional, scientific, and technical activities; construction; wholesale and retail trade; motor vehicle and motorcycle repair; as well as information and communications.

The Omani market is the second-largest source market for tourists in Dubai in 2022, receiving 1.3 million Omani tourists, and one of the top 10 major source markets for tourists in Abu Dhabi.