Muscat: The Ministry of Finance (MOF) has signed three memoranda of understanding with the Saudi Fund for Development (SFD) to support small and medium enterprises in the Sultanate of Oman.
The investment worth RO94 million will include financing infrastructure development projects in the Special Economic Zone in Duqm.
The agreement was signed during talks held between the Ministry of Finance and the Saudi Fund for Development to discuss the cooperation in a number of ongoing and future projects.
Sultan bin Salem al Habsi, Minister of Finance, said that these agreements are the culmination of the historical relations and the solid partnership between the Sultanate of Oman and the Kingdom of Saudi Arabia and the vision of the leadership of the two countries. It will contribute to opening up prospects for cooperation on many levels, including supporting entrepreneurship in the Sultanate and developing basic infrastructure and economic projects.
Sultan bin Abdul Rahman al Murshed, CEO of the Saudi Fund for Development, said the signing of these memorandums was aimed at enhancing joint cooperation between the two brotherly countries based on the role that the Fund plays in supporting social and economic development in Arab and Islamic countries.
The Saudi Fund for Development has been working for about 45 years to finance and support development projects in the Sultanate of Oman, including infrastructure, higher and vocational education programs, and the water and energy sectors.
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