Saudi crown prince to visit Oman on Monday, discuss ties and cooperation

Saudi Crown Prince Mohammed bin Salman will visit Oman on Monday to discuss bilateral relations and cooperation, the Oman News Agency reported over the weekend.

The Saudi royal's visit follows a visit made by Oman’s Sultan Haitham bin Tariq to Riyadh in July this year, his first since assuming power in January of last year, succeeding Sultan Qaboos bin Saeed.

A statement issued by the Diwan of Royal Court, and carried by ONA, said it comes "in affirmation of the ties of fraternity and kinship, and the historical relations binding the Sultanate of Oman and the Kingdom of Saudi Arabia".

"The visit will explore diverse areas that serve interests of the two countries and meet aspirations of their peoples towards further prosperous future," the statement added.

Saudi Arabia has previously spoken of plans to establish an industrial zone in Oman, a neighbouring country with a much smaller population and economy.

While Saudi Arabia is in the midst of an ambitious economic development plan to wean its economy off oil, Oman last year introduced measures to boost its finances and recently asked the International Monetary Fund for assistance to rein in its debt.

Both countries were hit hard by the coronavirus crisis and low oil prices last year and are keen to attract foreign investment as part of their reform efforts.

Oman was in talks last year with some of its Gulf neighbours for financial help, according to a bond prospectus in October.