Saudi Fund for Development signs MoU worth $319 mln with Oman

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Saudi Arabia’s Fund for Development has signed a memorandum of understanding (MoU) for an infrastructure development project worth $319 million (SAR 1.2 billion) in Oman, the official Saudi Press Agency (SPA) reported on Wednesday.

Signed on the sidelines of the Saudi-Omani Investment Forum, held in Riyadh from February 1 until February 4, the project aims to fund the infrastructure of the special economic zone in the governorate of ad-Dhahirah.

“The MoU aims to enhance cooperation by establishing the special economic zone that contributes to strengthening sustainable economic growth, increase commercial trade and encouraging partnerships between the [various] sectors to provide products and reduce the cost of production and export between the two countries,” SPA said.

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The memorandum was signed in the presence of Saudi Minister of Investment Khalid al-Falih and Omani Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed al-Yousef.

CEO of the Saudi Fund for Development Sultan al-Murshed said while signing the MoU that such developmental projects contribute to achieving the Kingdom’s and Oman’s “ambitious visions.”

Omani official Zahir al-Abri, who represented Oman’s finance ministry at the signing ceremony, praised Saudi Arabia’s support of infrastructure plans in Oman, noting that the MoU contributes to enhancing developmental bilateral ties.

According to SPA, the Saudi Fund for Development has funded and supported development projects in Oman for about 45 years now.

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