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UAE-Oman’s bilateral trade reaches AED 48 bn in 2019: MoF

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ABU DHABI, 17th November, 2020 (WAM) — The Ministry of Finance highlighted the UAE’s keenness to reinforce its overall cooperation and ties with Oman, which is confirmed by figures and statistics from 2019 while congratulating Oman on the occasion of its 50th National Day. The non-oil trade between the two countries in 2019 was valued at AED48 billion, reflecting the strong economic partnership between the two countries, according to ministry's statistics obtained by the Emirates News Agency, WAM. The ministry added that the UAE’s real estate market continued its uptrend performance and attracted more Omani investors, adding that the value of real estate projects owned by Omanis in the UAE totalled AED14 billion in 2019 and were distributed in a variety of areas, with 68 percent of Omanis real estate deals being in the commercial sector, and 25 percent in residential real estate projects. The ministry also noted that the number of Omani owners of real estate in the country in 2019 was 3,993, of whom 1,796 (45 percent) owned residential real estate and 1,607 (40 percent) owned commercial real estate. The ministry pointed out that the business environment is ideal for investors and entrepreneurs, given its excellent infrastructure supported by professional experts and personal services that give the UAE a competitive advantage over many countries. This ideal investment environment was highlighted by the number of licences given to Omani citizens, amounting to 4,066 in 2017, 5,360 in 2018, and 5,988 in 2019. The ministry noted that 10,403 Omani students were registered in public and technical schools in the UAE in 2019. The value of Omani capital in public joint stock companies registered in the Securities and Commodities Authority totalled AED1.8 billion while the number of Omani investors in these companies amounted to 23,000.