In a meeting in Al-Alam Palace in Muscat on Tuesday, the leaders highlighted the importance of enhancing coordination between Egypt and Oman to support Yemeni unity, sovereignty, and the integrity of its national institutions, Presidential Spokesperson Bassam Rady said in a statement.

This should lead to reaching a sustainable political settlement in the sisterly country that would end the suffering of the Yemeni people and fulfill their aspirations, El-Sisi and bin Tarik affirmed.

Egypt and Oman have been both pushing for a peace settlement in the war-torn Yemen and the consolidation of the UN-sponsored truce that is currently in effect.

Regional issues, Arab work

The two executives also discussed a number of international issues of mutual concern, especially the Russian-Ukrainian War and its implications on the region, as well as the Arab region’s response to them, the statement said.

Furthermore, El-Sisi hailed the ongoing coordination between Egypt and Oman on issues of mutual concern and their keenness to enhance joint Arab work in a way that contributes to facing the multiple challenges currently facing Arab nations.

Moreover, the president highlighted the Egyptian-Omani consensus regarding supporting efforts to maintain navigational security in the Arabian Gulf and Red Sea, countering terrorist and extremist organisations.

For his part, Oman’s sultan hailed Egypt’s prominent role in enhancing mechanisms of joint Arab work in the face of the current challenges and crises in the region.

bin Tarik also praised Egypt’s role in preserving stability and advancing developmental, economic, and social progression in the Arab world.

Additionally, the two parties discussed the upcoming GCC+3 Summit between the member states of the Gulf Cooperation Council along with Egypt, Jordan, Iraq, and the US in Saudi Arabia.

Economic relations, trade

The meeting also covered means of enhancing bilateral cooperation between Egypt and Oman, especially economic and commercial ties and joint investments, the statement said.

This comes in light of the outcome of their joint business council and the Egyptian-Omani Joint Committee that was held in Muscat last January.

In January, Minister of Foreign Affairs Sameh Shoukry and his Omani counterpart Sayyid Badr Al-Busaidi signed six memoranda of understanding (MoUs) to boost cooperation and conclude the 15th session of the Egyptian-Omani Joint Committee.

The MoUs aimed to boost bilateral cooperation in political, economic, industrial, judicial, and development projects, according to a joint statement by both foreign ministries.

Furthermore, El-Sisi held a meeting today with Omani Deputy Prime Minister Sayyid Fahd bin Mahmoud Al-Said in which he affirmed Egypt’s aspiration to develop economic and strategic cooperation with Oman.

This comes especially amid the huge security, economic, and social challenges facing the region, the statement explained.

For his part, Al-Said stressed Oman’s mutual keenness to boost cooperation with Egypt and willingness to benefit from the successful Egyptian experience in implementing development projects and comprehensive economic reforms.

Boosting Omani investments

Additionally, El-Sisi held today a separate meeting with Omani top officials and businessmen, who all said they look forward to discussing the capacity to maximise cooperation between Egypt and Oman in light of the multiple promising investment opportunities available in Egypt, Rady said.

This especially includes opportunities in the sectors of renewable energy, ports, shipping, transportation, tourism, construction, real estate development, and the automotive industry, the officials and businessmen said.

This is in addition to the possibility of benefiting from the free trade agreements linking Egypt with Africa and the EU so that Oman can access those markets, they added.

Moreover, the heads and representatives of Omani companies attending the meeting welcomed the intensified cooperation with Egypt to achieve joint interests, explaining their investment plans in Egypt.

They also stressed the importance of enhancing communication between representatives of the private sector of the two countries to advance bilateral economic relations.

El-Sisi then affirmed Egypt’s keenness to advance business and trade cooperation with the Omani business community and to boost joint investments in support of the path of economic development in each country.

The president also detailed the diverse investment opportunities offered by the mega projects being implemented in Egypt, on top of which is the Suez Canal axis development project.

He added that the qualitative leap recently witnessed in the various development sectors in Egypt will positively contribute to enhancing Egyptian-Omani bilateral relations by paving the way for maximising future Omani investments in various sectors.

Trade exchange between Egypt and Oman amounted to $500 million in 2020, according to previous statements by Egyptian Minister of Trade and Industry Nevine Gamea.

Moreover, Omani investments in the Egyptian market reached $77.5 million through 92 companies in the fields of industry, tourism, construction, and agriculture.

Meanwhile, Egyptian investments in Oman recorded $680 million, with 142 companies specialised in the fields of infrastructure, road projects, and real estate investment.

El-Sisi’s two-day visit to Oman is part of a Gulf tour that also includes Bahrain. The president is scheduled to leave Oman for Bahrain later on Tuesday, where he will meet with King Hamad bin Isa Al-Khalifa.

Egyptian-Gulf ties

El-Sisi’s Gulf tour comes less than three weeks before the GCC+3 Summit, which will be held in Saudi Arabia’s Jeddah on 15 July and will bring together leaders of the GCC in addition to Egypt, Iraq, Jordan, and the US.

In the lead-up to the summit, El-Sisi received the UAE’s Minister of Foreign Affairs and International Cooperation Abdullah bin Zayed Al-Nahyan on Sunday.

The meeting discussed enhancing bilateral relations and means to boost Emirati investments in Egypt in various fields, especially energy, transportation, ports, and tourism.

The president also met on Friday with Qatar’s Emir Tamim bin Hamad Al-Thani, who visited Egypt for the first time since Cairo and Doha resumed diplomatic relations last year after signing the Al-Ula Declaration that ended an over three-year-long diplomatic rift.

During the meeting, Emir Tamim affirmed his keenness to continue boosting Egyptian-Qatari cooperation in various fields by maximising investments in Egypt.

Additionally, last Monday, the Egyptian president received Saudi Arabia’s Crown Prince Mohammed bin Salman in Cairo.

During the visit, Egypt and Saudi Arabia signed 14 investment agreements valued at $7.7 billion in several fields, including petroleum, renewable energy, green hydrogen, IT, e-commerce, pharmaceuticals, infrastructure, and cyber security.

Moreover, Saudi Arabia plans to make investments worth $30 billion in Egypt, according to a joint Saudi-Egyptian communique issued in light of the crown prince’s visit.