The Saudi Fund for Development (SFD) has partnered with Oman’s Ministry of Finance on a $320 million infrastructure project for the Special Economic Zone in Ad Dhahirah, Oman. The agreement was signed during the Saudi-Omani Investment Forum in Riyadh and seeks to enhance cooperation between the two nations by establishing an economic zone that will stimulate economic growth, expand trade, and foster partnerships.
Sultan Al-Murshid, CEO of the SFD, and Zahri Al-Abri, representing the Omani Ministry of Finance, signed the memorandum of understanding, which is worth SR1.2 billion. Al-Murshid emphasized the significance of collaboration between the two nations, saying that the project would help achieve the ambitious visions of both nations, promoting economic growth and social prosperity.
The SFD has been working closely with Oman to finance and support several projects, including higher education, infrastructure, water, energy, and vocational training. Al-Abri praised the Kingdom’s support of development projects and programs in the infrastructure sector through the SFD.
This MoU opens new opportunities for cooperation between the Kingdom of Saudi Arabia and the Sultanate of Oman, and serves as a testament to their strong historical ties and close partnership.
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