Oman and Saudi Arabia Forge Pact to Fund Infrastructure Development in Industrial Zones

Oman and Saudi Arabia Forge Pact to Fund Infrastructure Development in Industrial Zones

Muscat, The Gulf Observer: In a concerted effort to fortify bilateral cooperation and advance joint development endeavors, His Excellency Sultan bin Salem Al Habsi, Minister of Finance of the Sultanate of Oman, hosted His Excellency Sultan bin Abdul Rahman Al Murshid, CEO of the Saudi Fund for Development, in a high-level meeting today at the minister’s office.

The central focus of the meeting was to deliberate on the operational frameworks between the Sultanate of Oman and the Saudi Fund for Development, as well as to review the progress of ongoing collaborative development initiatives.

On the sidelines of the substantive discussions, both dignitaries endorsed a pivotal Memorandum of Understanding (MoU) aimed at facilitating the financing of essential infrastructure projects within several industrial zones across the Sultanate of Oman. This strategic undertaking is envisioned to invigorate the industrial and logistical sectors by ensuring the provision of fundamental services and fostering private sector engagement, thereby bolstering the economic landscape of the Sultanate in alignment with the overarching goals of “Oman Vision 2040.”

This landmark MoU underscores the mutual commitment of both parties to foster developmental synergies and underpins the robust collaboration between the Sultanate of Oman and the Saudi Fund for Development. It reflects a shared vision to bolster developmental endeavors across various sectors crucial to the socio-economic advancement of the Sultanate.

The memorandum further delineates the expansive scope of cooperation between the two entities, encompassing key developmental domains such as infrastructure enhancement, advancements in higher and vocational education programs, water resource management, industry augmentation, mining sector development, and advancements in transport and communications infrastructure. Additionally, the agreement underscores a commitment to advancing pivotal projects within the energy sector, thereby amplifying the developmental impetus across critical sectors vital to the sustainable growth trajectory of Oman.

This milestone collaboration epitomizes the enduring bonds of friendship and strategic partnership between the Sultanate of Oman and the Saudi Fund for Development, underscoring a shared commitment to fostering sustainable development and prosperity.