Non-oil bilateral trade between the Oman and the United Arab Emirates reached 48 billion dirhams ($122 million) in 2019, the UAE’s state press agency WAM reported on Tuesday, according to figures released on Tuesday, ahead of the Sultanate’s 50th National Day.
Trade between Oman and the emirate of Dubai accounted for 37.85 billion dirhams in that year, seeing a rise of 8.4 per cent from 2018.
The Dubai-Oman bilateral trade stood at 14.85 billion dirhams from January to June 2020, according to latest figures released by Dubai Customs.
Oman is the UAE’s second-largest trading partner in the gulf, after Saudi Arabia.
Director General of Dubai Customs, Ahmed Mahboob Musabih, said: “We congratulate our brothers in the Sultanate of Oman on their 50th National Day, and we look forward to further collaboration and mutual trade in the future.”
The UAE’s Ministry of Finance, according to WAM, said that the figures show an upward trend in the country’s real estate market. It added that 3,993 Omani nationals in the UAE owned real estate projects worth a total of 14 billion dirhams in 2019.
The value of Omani capital in public joint stock companies registered in the Securities and Commodities Authority totaled AED1.8 billion from 23,000 investors, according to the ministry.