The Saudi Fund for Development (SFD) has signed three Memorandums of Understanding (MoUs) with the Omani Ministry of Finance (MoF) to finance several projects with a value of around $244 million.
Following directives of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the MoUs will explore joint cooperation and exchange of expertise between the two countries.
The MoUs were signed by SFD CEO Mr. Sultan bin Abdul Rahman Al Marshad and Omani Minister of Finance Mr. Sultan bin Salem Al-Habsi.
The first MoU aims at helping Small and Medium-sized Enterprises (SMEs) by providing funds to support the loan portfolio for soft loans in various sectors worth roughly $150 million, with a part of this cash flowing toward establishing SMEs in governorates.
In addition to boosting the benefits of establishing and funding expansions for existing projects of Omani SMEs in a way that ensures the contribution of the private sector in benefiting and accommodating jobseekers.
The other two MoUs aims to contribute to financing projects of developing the basic infrastructure in the Special Economic Zone in Duqm. MoF noted that these agreements are a result of historical relations and close partnership between the Kingdom of Saudi Arabia and the Sultanate of Oman and the vision of both countries’ leaderships to support entrepreneurship and developing the basic infrastructure, in addition to economic projects.
Al-Marshad emphasized that Saudi Arabia’s efforts to sign these memorandums through SFD contributions are aimed at increasing cooperation between the two countries and stem from the fund’s beneficial role in promoting social and economic development in developing countries.