The project, estimated at SAR1.2 billion, will enhance cooperation between the two nations

Riyadh, January 31.2023

In implementation of the directives from the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and the Crown Prince, Mohammed bin Salman Al Saud – may Allah protect them, the CEO of the Saudi Fund for Development (SFD), Mr. Sultan Al-Marshad, and Oman's Ministry of Finance, represented by Mr. Zahir bin Marhoon Al-Abri, signed a memorandum of understanding (MoU) to finance the infrastructure development project of the Special Economic Zone in Ad Dhahirah, Oman, worth SAR 1.2 billion.  

The signing ceremony was attended by the Saudi Minister of Investment, H.E. Khalid Al-Falih, and the Omani Minister of Commerce, Industry & Investment Promotion, H.E. Qais bin Mohammed Al Yousef. The MoU was signed on the sidelines of the Saudi-Omani Forum in Riyadh, which takes place between February 1-4, 2023.  

In addition to enhancing cooperation between the two countries, the agreement will promote trade, boost economic partnerships, devise new industrial solutions, and promote sustainable economic growth. The cooperation will also reduce the production and export costs between and across the two nations.

Mr. Al-Abri praised the government of Saudi Arabia's support in developing Oman's infrastructure sector. He further emphasized the importance of the agreement in strengthening bilateral relations and promoting sustainable development between the two nations.

On the signing of the memorandum, SFD CEO, Mr. Al-Marshad, highlighted the importance of collaboration to both nations. "This MoU reflects the long-established historical relations and close partnership between the Kingdom of Saudi Arabia and the Sultanate of Oman. This project will help achieve the two countries' ambitious visions, economic growth, and social prosperity,” he said.

Reflecting the collaboration between the two countries over the past 45 years, SFD has been supporting and financing various projects in Oman, including infrastructure, higher education, vocational training, water, and energy projects. This long-lasting partnership is the fruit of the two nation’s commitment to development cooperation over the past several decades.