Saudi Arabia boosts trade ties with Oman
Date
7/27/2023 10:19:55 AM
(MENAFN) Saudi Arabia’s trade and financial ties with Oman is scheduled to be boosted following primary organizations from both nations inked a letter of understanding.
The Kingdom’s Public Investment Fund signed the contract with the Oman Investment Authority in a step that will support Public Investment Fund and its portfolio firms to bring investment opportunities in the Gulf country.
Saudi Arabia’s financial bond with Oman has always been sturdy, and in the last year exchange between the two countries increased by 123 percent in comparison to 2022 to stand at USD7.01 billion.
The fund stated in the news release that “The MoU represents a significant milestone in PIF’s and OIA’s strategic partnership as it aims to expand PIF’s portfolio in Oman, building on the recent establishment of the Saudi Omani Investment Co., a PIF-wholly owned company, which intends to invest up to $5billion in promising sectors in Oman,”.
The news statement further declared that SOIC lately closed its initial agreement in Oman as an anchor investor for 20 percent stake in Abraj Energy Services’ first public offering.
MENAFN27072023000045015839ID1106717252
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.