The Sultanate of Oman and the Kingdom of Saudi Arabia have signed a Memorandum of Understanding (MoU) in order to finance the infrastructure for several industrial zones in Oman.
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, during the meeting between the two parties.
According to the reports, the meeting was held to discuss cooperation mechanisms between the Sultanate of Oman and the Fund and progress in joint development projects.
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.
Further, the deal intends to develop the industrial and logistics sectors by providing all basic services and to encourage the private sector to contribute to the economic development of the Sultanate of Oman in accordance with “Oman Vision 2040.”
In 2023, Oman and 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 $259 million (RO 100 million).
The volume of trade between Oman and Saudi Arabia reached $7 million (RO 2.7 billion) in 2022, representing an unprecedented 123 percent increase compared to the previous year.
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