UAE says bilateral trade with Oman hits RO5bn in 2019

Published 18 Nov,2020 via Muscat Daily - The United Arab Emirates on Wednesday announced that the bilateral trade between the UAE and Oman reached AED48bn (approximately RO5.02bn) in 2019.

Congratulating the sultanate on the occasion of the 50th National Day, the UAE’s Ministry of Finance in a statement highlighted the country’s keenness to reinforce its overall cooperation and trade ties with Oman.

The non-oil trade between the UAE and Oman was valued at AED48bn in 2019, reflecting the strong economic partnership between the two countries, the ministry said as reported by Emirates News Agency.

The ministry said that the UAE’s real estate market continued its uptrend performance and attracted more Omani investors. ‘The value of real estate projects owned by Omanis in the UAE totalled AED14bn (approximately RO1.46bn) in 2019.’

The Ministry of Finance further said that the real estate projects owned by Omanis were distributed in a variety of areas, with 68 per cent of real estate deals being in the commercial sector and 25 per cent in residential real estate projects. The statement also noted that the number of Omani owners of real estate in the UAE in 2019 stood at 3,993, of whom 1,796 (or 45 per cent) owned residential real estate and 1,607 (or 40 per cent) owned commercial real estate.

Emirates News Agency on Wednesday also published a statement from Dubai Customs which said the trade between Oman and the emirate of Dubai jumped 8.4 per cent to AED37.85bn in 2019 compared to AED34.9bn in 2018. The Dubai-Oman bilateral trade stood at AED14.85bn during the January–June period of 2020, according to latest figures released by Dubai Customs.

Ahmed MahboobMusabih, director general of Dubai Customs, said, “We congratulate our brothers and sisters in Oman on their 50th National Day, and we look forward to further collaboration and mutual trade in the future.”

He said, “We provide the clients at the Hatta Border Crossing with top-notch services and facilities. It is a very instrumental, strategic crossing-point between the UAE and Oman, and we have equipped the centre with the most advanced technologies and equipment to streamline the flow of trade and traffic in accordance with the GCC Common Customs regulations.”

“We also focus on raising the capacities of our inspection staff at the border to ensure safe and efficient cargo and passenger clearance operations, following the directives of His Highness Sheikh Mohammed bin Rashid al Maktoum, Vice President, Prime Minister and Ruler of Dubai,’ Musabih added.

The value of Omani capital in the UAE’s public joint stock companies registered in the Securities and Commodities Authority totalled AED1.8bn, while the number of Omani investors in these companies reached 23,000, according to the UAE’s Ministry of Finance.

© Apex Press and Publishing. Provided by SyndiGate Media Inc. (Syndigate.info)

DISCLAIMER: This content is provided to us “as is” and unedited by an external third party provider. We cannot attest to or guarantee the accuracy of information provided in this article from the external third party provider. We do not endorse any views or opinions included in this article.