Oman and the Kingdom of Spain are continuing to develop their growing economic cooperation, building on existing strong diplomatic ties. Most importantly, both countries are committed to fostering broader economic diversification and collaboration.
Spain Oman Private Equity Fund To Increase Economic Development
Demonstrating the relationships robust foundations, the Spain Oman Private Equity Fund (SOPEF), established in 2014, is a key example. The joint initiative between the Oman Investment Authority (OIA) and the Spanish development finance institution COFIDES has allocated OMR 130.74 million (USD 339.71 million) to support the internationalisation of Spanish companies. Further aims include contributing to the economic development of both nations. Currently, Spanish investments in Oman include Union Fenosa Gas’s stake in Qalhat LNG and Indra Sistemas’ provision of air traffic management systems.
Renewable Energy, Tourism, Logistics and Technology Key Sectors
An improved partnership holds significant potential for both nations, who are seeking new opportunities for growth. In 2023, data indicates Oman’s exports to Spain were valued at OMR 94.67 million (USD 246 million), while Spain’s exports to Oman totalled OMR 95.80 million (USD 249 million). The Sultanate`s exports to Spain are predominately mineral fuels, oil and aluminium therefore clearly reflecting its resource-based economy. Conversely, Spain’s exports to Oman are more diversified, including machinery, transport equipment and manufactured goods. Specifically, Oman’s exports to Spain include mineral fuels, oils OMR 12.92 million (USD 33.57 million), aluminium OMR 12.50 million (USD 32.48 million) and plastics OMR 7.35 million (USD 19.10 million). Spain’s exports to Oman feature shipping vessels OMR 12.25 million (USD 31.83 million), aircraft OMR 9.59 million (USD 24.93 million) and vehicles OMR 8.88 million (USD 23.07 million).
Several sectors are selected for enhanced collaboration. These include renewable energy, tourism, logistics and infrastructure, technology, digital transformation, manufacturing and agribusiness.
Advancing Oman`s Vision 2040
Furthermore, advanced relations between the two countries will allow Oman to advance its Oman Vision 2040 diversification goals. Collaboration with Spanish firms offers avenues for technology and knowledge transfer, access to new markets and enhanced competitiveness. Most importantly, Spain’s membership of the European Union (EU) provides a strategic entry point for Omani products.
Contact Soutien Group For All Your Business Set Up Requirements
Soutien Group is part of a network of consultants, partners and investors. Our clients are corporate, private and international with an interest in exploring new markets. We offer expertise in Market Research and Assessment Oman, Oman Business Case, Oman Business Model Development. Feasibility Study and Business Plan Oman, Organizational and Operational Structuring Oman, Oman Sponsorship and Partnership, Company Formation Oman among others.
Please click on the link to learn more about the opportunities and possibilities in the Sultanate of Oman as well as the initiatives of Soutien Group.
