Muscat: The Sultanate of Oman and the Kingdom of Saudi Arabia signed a memorandum of understanding yesterday, April 25th, in Muscat, to finance the infrastructure for several industrial zones in Oman.
According to an ONA report, the MOU was signed by Omani Minister of Finance Sultan Salem al Habsi and the Chief Executive Officer of the Saudi Fund for Development, Sultan Abdulrahman al Marshad.
The memorandum falls within the framework of developmental cooperation between the two countries to support developmental areas in Oman, such as infrastructure, higher and vocational education programs, water, industry, mining, transportation, communications sectors, and developmental projects in the energy sector.
In 2023, the Sultanate of Oman and the Kingdom of Saudi Arabia signed a Memorandum of Understanding to finance the first phase of the construction of the Integrated Economic Zone project in Al Dhahirah Governorate (EZAD).
The zone, located 20 kilometers away from the Saudi-Omani land crossing, spans over 388 square kilometers at a cost of RO 100 million.
The volume of trade between Oman and Saudi Arabia reached RO 2.7 billion in 2022, representing an unprecedented 123 percent increase compared to the previous year.
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