The government of Oman has signed two agreements worth a total of RO81 million (US$210 million) with the Saudi Fund for Development. The money will be used to help fund port projects in the Duqm area.
One tranche of the funding will be used to help develop infrastructure in the Special Economic Zone in Duqm (SEZD), in particular to construct crucial new roads, while the other will be used for the building of a fishing harbour in the port.
The two agreements were signed by H.E. Darwish bin Ismail Al Balushi, Minister for Financial Affairs and Eng. Yousef bin Ibrahim Al-Bassam, deputy chairman and managing director of the Saudi Fund for Development. H.E. Al Balushi said that the grant falls within the framework of agreements aimed at developing economic cooperation between the two countries and also GCC joint development programs.
The Saudi Fund for Development has further allocated US$150 million within its funding programs for SMEs in the Sultanate. This initiative will be followed up by Oman Development Bank (ODB), a statement indicated.
Others present at the signing ceremony included Yahya bin Said Al Jabri, chairman of Special Economic Zone Authority in Duqm (SEZAD); H.E. Nasser bin Khamis Al Jashmi, undersecretary of the Ministry of Finance; Meshal Al Shumari, Acting Accredited Ambassador of the Kingdom of Saudi Arabia to the Sultanate, and officials at the Ministry of Finance.