Doha: In a demonstration of the unique and profound relationship between Qatar and Oman, HH the Amir presented the Sword of the Founder Sheikh Jassim bin Mohammed bin Thani to HM Sultan Haitham bin Tariq. This gesture underscores the strong fraternal ties between the peoples of Qatar and Oman and reflects HH the Amir's esteem for HM the Sultan. The Sword of the Founder is Qatar's highest national decoration, traditionally awarded to kings, princes, and heads of state. In return, HM the Sultan honored HH the Amir with the Oman Civil Order of the First Class, highlighting the enduring brotherly relations between the two nations. This award is one of Oman's most prestigious decorations, given to heads of state and prominent figures who hold significant regard with HM the Sultan.
According to Qatar News Agency, the relationship between Qatar and Oman is governed by a series of agreements and memoranda of understanding (MoU) covering various fields, including economic, commercial, investment, cultural, diplomatic, scientific, tourism, military, maritime transport, hospitality, labor, and human resources development. Economic and trade cooperation has notably advanced in recent years, with significant growth in sectors such as agriculture, transportation, energy, and tourism. The trade exchange between the two countries reached $1.2 billion in the first seven months of 2024.
Presently, there are 15 Qatari companies operating in Oman, while approximately 200 Omani companies are fully operational in Qatar. Additionally, around 200 Omani companies in Qatar function in partnership with Qatari firms in various sectors like trade and contracting. Key investment areas between Doha and Muscat include energy, industry, tourism, and logistics. Notable developments include the Karwa Motors project and the Qatari Diar project in Ras Al Hadd, with Qatari investments in Oman valued at approximately QR two billion.
A significant step in solidifying economic ties was the establishment of the Al Hosn Investment Company (HIC) in 2007. This joint investment fund focuses on diverse sectors such as banking, industry, communications, technology, and healthcare, leading to partnerships like the Oman National Investment Development Company (TANMIA) and the Qatar Primary Materials Company (AL-AWALIA).
The Omani-Qatari Joint Committee plays a crucial role in enhancing economic cooperation. In its 23rd session held in Doha last December, the committee reviewed and strategized on various cooperative aspects, targeting economic, commercial, and investment sectors. It also pursued joint projects and proposed new initiatives to further strengthen bilateral ties.
The creation of the Omani-Qatari Businessmen Council under the Qatar Chamber of Commerce and Industry and the Oman Chamber of Commerce and Industry has been pivotal. This council aims to foster trade relations, encourage joint investments, and facilitate trade delegations between the two nations. Regular meetings focus on exploring opportunities for joint projects and trade alliances between Qatari and Omani businesses.
The commercial and economic interactions between Qatar and Oman reflect a shared commitment to elevating their relationship from merely fraternal to strategic economic partnerships. This ambition is directed towards developing significant economic projects that would benefit both countries' national economies.