The joint Saudi-Omani business council held its second meeting in Oman’s capital Muscat on Monday, the official Saudi Press Agency (SPA) reported.

The business council saw the participation of Saudi Arabia’s Minister of Investment, Khalid al-Falih, and Oman’s Minister of Commerce, Industry and Investment Promotion, Qais al-Yousef.

During the meeting, al-Falih and al-Yousef signed a memorandum of understanding (MoU) for cooperation in the field of investment promotion.

The meeting also discussed means of promoting trade between the two countries and the formation of joint committees in the targeted sectors.

Al-Falih said that the development and transformational trends in the two countries, namely Saudi Arabia’s Vision 2030 and Oman’s Vision 2040, have provided a large space to find many joint strategic investment opportunities that benefit both countries.

In a speech, al-Falih praised the “historic visit” of Sultan Haitham bin Tariq Al Said to the Kingdom of Saudi Arabia, and his meeting with Saudi King Salman bin Abdulaziz Al Saud and Crown Prince Mohammad bin Salman in July, SPA reported.