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UAE-Oman bilateral trade reached Dhs48bn in 2019

UAE-Oman bilateral trade reached Dhs48bn in 2019

Oman is the UAE’s second largest trading partner in the Gulf

Oman

The UAE’s Ministry of Finance said that non-oil trade between the UAE and Oman in 2019 stood at Dhs48bn, according to statistics reported by state news agency WAM.

The ministry said that the UAE’s real estate market attracted more Omani investors, adding that the value of real estate projects owned by Omanis in the UAE totalled Dhs14bn in 2019, with 68 per cent of Omanis real estate deals being in the commercial sector, and 25 per cent in residential real estate projects.

The number of Omani owners of real estate in the country in 2019 was 3,993, of whom 1,796 (45 per cent) owned residential real estate and 1,607 (40 per cent) owned commercial real estate.

Meanwhile, the number of business licences given to Omanis was 4,066 in 2017, 5,360 in 2018, and 5,988 in 2019. Also, 10,403 Omani students were registered in public and technical schools in the UAE last year.

The value of Omani capital in public joint stock companies registered in the Securities and Commodities Authority totalled Dhs1.8bn while the number of Omani investors in these companies was reported to be 23,000.

Dubai-Oman Trade
Trade between Oman, which is the UAE’s second-largest trading partner in the Gulf, and the emirate of Dubai climbed 8.4 per cent to Dhs37.85bn in 2019, compared to Dhs34.9bn in 2018.

This year, the Dubai-Oman bilateral trade stood at Dhs14.85 bn from January to June 2020, according to figures released by Dubai Customs.

“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,” said Ahmed Mahboob Musabih, director general of Dubai Customs.

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