Saudi Fund for Development signs deal to support Omani SMEs

By Shilpa Annie Joseph, Official Reporter
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Saudi Fund to support Omani SMEs
Image Courtesy: Sharon Ang @ Pixabay

The Saudi Fund for Development (SFD) in Oman has signed a development finance agreement with the Oman Development Bank worth $53.33 million.

This move is part of the $150-million support program provided by the Government of Saudi Arabia through the Saudi Fund for Development for Oman.

The agreement was signed with the bank by the co-chairs of the Saudi-Omani joint committee for the management of the program to support small and medium enterprises (SMEs) in Oman, where Mr. Saeed al-Qahtani represented the SFD from the Saudi side, and Mr. Zahir Al-Abri and Acting CEO of the Oman Development Bank Hamad Al Harthy represented the Omani side.

The agreement aims to support the initiatives of the Oman Development Bank in the financing activities of SMEs, enhance social and economic growth. Further, it creates jobs in various states and governorates of Oman. The Oman Development Bank is one of Oman’s most prominent government entities that provides financing facilities for micro, small, and medium enterprises in the Sultanate.

Earlier this year, the Saudi Fund for Development signed a memorandum of understanding (MoU) with the Omani Ministry of Finance in order to finance an SR1.2 billion ($319.8 million) infrastructure project for the Al Dhahirah Special Economic Zone in the Sultanate. The MoU was signed in the presence of the Minister of Investment, Eng. Khalid Al-Falih, and the Omani Minister of Commerce, Industry and Investment Promotion, Mr. Qais bin Mohammed Al-Yousef.

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