Saudi Fund backs Omani industrial development initiatives
Date
4/29/2024 5:30:43 AM
(MENAFN) An Omani official recently unveiled the objectives behind a memorandum of understanding inked between the Saudi Fund for Development and the Omani Ministry of Finance. The agreement pertains to financing the establishment of the "Al Mudhaibi Industrial City." Through a grant valued at USD40 million, the memorandum aims to bolster various sectors including industrial, logistical, developmental, and social aspects. The envisioned city is set to be a comprehensive hub with robust infrastructure services, poised to catalyze the growth of diverse industries in the region of Al-Mudhaibi.
This initiative follows a prior memorandum signed in February 2023 between the Saudi Fund for Development and the Omani Ministry of Finance, earmarking 1.2 billion Saudi riyals (USD320.4 million) for an infrastructure development project in Oman. Reflecting on this development, Khalfan Al-Tawqi, a member of the Board of Directors of the Chamber of Commerce and Industry in Oman, noted that the Saudi funding for industrial zones in the Sultanate is not unprecedented. Previously, similar support was extended for the "Al-Dhahirah" industrial city.
In discussions with "Sputnik," Al-Tawqi hinted at undisclosed conditions underpinning the bilateral agreements between Saudi Arabia and Oman. These conditions likely encompass aspects such as interest rates, time frames, and the percentage of partnership between the two nations. The strategic collaboration between Saudi Arabia and Oman underscores a shared commitment to fostering economic development and enhancing industrial infrastructure within the region.
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