Business
SNG: Oman & Italy: partnership of opportunity
SNG: Oman & Italy: partnership of opportunity
About this update from Saipem S.p.a.
Dr Yousuf bin Hamed al BalushiThe Sultanate of Oman and the Italian Republic are leveraging deep historical and diplomatic connections to cultivate a dynamic economic partnership. Rooted in ancient trade routes and centuries of mutual respect, this enduring relationship fosters a stable environment for long-term projects, notably in cultural heritage and strategic infrastructure, by mitigating investor risks and promoting shared commercial interests.Formal diplomatic relations began in the early 1970s, solidified by Italy's 1975 embassy opening in Muscat. Ongoing high-level engagements and Italy's appreciation for Oman's mediating role in international dialogues underscore a strategic alignment beyond economics. This diplomatic depth enhances Oman’s global standing and ensures a stable environment crucial for attracting foreign investment, while strengthening Italy's role as a key European partner in the Gulf.Recent bilateral trade between Oman and Italy has seen significant expansion, reaching €708.9 million in 2024, a 31% increase and a 30.6% annualised growth over five years. Omani exports to Italy notably more than doubled from €103.9 million in 2023 to €243.4 million in 2024, indicating diversification potential. While Italy maintained a considerable surplus with €692.3 million in exports to Oman, NCSI (National Centre for Statistics and Information) data for 2024 shows Oman's trade deficit with Italy exceeding RO 32 million.Oman's exports, mainly unwrought aluminiums and ferro-chromium, reflect its industrial strength, while Italy's exports of industrial components, machinery, and tools (totaling approximately RO 40.07 million in imports for Oman) highlight its role as a technology supplier.This complementary trade structure points to significant opportunities for investment, joint manufacturing, and technology transfer to boost Oman's value-added production. Italy is tourist attracting country, with 57 million attracted in 2023, one of Oman's top agenda is to boost tourism. There is some synergy in this field. Italian tourists are attracted to Oman, some agencies hire chartered flights.16 FF Oman&Italy-A Partnership of OpportunityThe convergence of Oman’s national development agenda, Vision 2040, with Italy’s advanced industrial and technological capabilities, creates a fertile ground for strategic investment and business opportunities across multi...