Saudi Fund for Development (SFD) said it has signed an agreement with Omani authorities to provide finance for a key infrastructure project coming up within Al Dhahirah Special Economic Zone in Oman at a total cost of SR1.2 billion ($320 million).

This comes following the directives of Saudi King Salman bin Abdulaziz Al Saud, and HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.

The MoU was signed by CEO Sultan Al Murshid and Zahir bin Marhoon Al Abri of Oman Ministry of Finance in the presence of Minister of Investment Engineer Khalid Al Falih and Omani Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al Yousef on the sidelines of the Saudi-Omani Investment Forum.

To be held until February 4 in Riyadh, the forum follows several successful MISA events hosted with investment counterparts from such countries as Türkiye, Azerbaijan and South Korea resulting in enhanced cooperation and multiple MoUs to explore investment opportunities across several sectors.

According to SFD, the memorandum aims to open horizons of cooperation at many levels through the establishment of an economic zone in Al Dhahirah Governorate, which contributes to promoting sustainable economic growth, in addition to increasing trade exchanges and creating quality industries.

It also encourages partnerships among sectors to provide goods and products and reduce the cost of production and export between the two brotherly countries, it stated.

Al Abri lauded the significant role being played by the Saudi government through SFD in supporting development projects and programmes in the infrastructure sector across Oman.

The memorandum, he stated, contributes to strengthening bilateral development relations between the two sides, appreciating the efforts that seek to achieve sustainable development goals between the two brotherly countries.

At the signing ceremony, Al Murshid said the memorandum strengthens the long-established historical relations and close partnership between KSA and Oman.

"These development projects and programs contribute to achieving the ambitious visions of the two countries, to achieve economic growth and social prosperity," he added.-TradeArabia News Service

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