BUSINESS REPORTER
MUSCAT, FEB 3
The Ministry of Finance of the Sultanate of Oman signed on Thursday three Memorandums of Understanding (MoU) with the Saudi Fund for Development covering funding to the tune of RO 94 million for a number of projects.
Sultan bin Salim al Habsi, Minister of Finance, signed the MoUs on behalf of the Omani government, while Sultan bin Abdulrahman al Murshid, CEO, signed on behalf of the Saudi fund.
The MoUs were signed during scheduled discussions between the Omani Ministry of Finance and the Saudi Fund for Development on funding cooperation covering a number of ongoing and future projects.
The first MoU covers financial support for Omani small and medium enterprises, as well as stimulating job creation. The second and third MoUs will cover funding support for infrastructure development projects in Duqm Special Economic Zone.
Al Habsi said the MoUs are a testament to the historical relations and strong ties between the Sultanate of Oman and the Kingdom of Saudi Arabia and the vision of the leaderships of the two countries.
This growing partnership, he said, will broaden horizons for cooperation in a number of areas, notably in supporting entrepreneurship in the Sultanate of Oman, developing infrastructure and promoting economic projects.
Al Murshid, CEO of the Saudi Fund for Development, said the MoUs will strengthen joint cooperation between the two brotherly countries. He cited the Fund’s role in supporting social and economic development in Arab and Islamic countries.
The Saudi fund has, for the past 45 years, has been supporting the financing of developmental projects in the Sultanate of Oman, including infrastructure, higher and vocational education programmes, and energy and water projects.
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