Saudi Development Fund Signs Developmental Memorandum to Support Industry Sector in Oman
In a significant move to bolster the industrial sector of Oman, Sultan bin Abdulrahman Al-Marshad, the CEO of the Saudi Development Fund, signed a developmental Memorandum of Understanding (MoU) today with His Excellency Sultan bin Salim Al-Habsi, the Minister of Finance of the Sultanate of Oman.
This MoU, which involves a $40 million financing from the Kingdom of Saudi Arabia through the Saudi Development Fund, aims to support the establishment of the Al-Mudhaibi Industrial City in Oman.
The MoU is designed to develop industrial, logistics, developmental, and social sectors by creating a fully serviced city that encompasses all the infrastructure services. This initiative is expected to stimulate various industries in the Al-Mudhaibi state, thereby encouraging the private sector to contribute to economic development in the brotherly Sultanate of Oman.
This collaboration further strengthens the historic developmental relations and the close developmental partnership that has spanned over 47 years between the two sides. The project aims to achieve common and ambitious goals and highlights the importance of the industrial and mining sector in fostering vital opportunities for sustainable development, ultimately achieving growth and prosperity.
It is noteworthy that the Saudi Development Fund has had robust developmental relations with the brotherly Sultanate of Oman since 1977, contributing to financing and supporting developmental projects in Oman. These projects fall within the framework of developmental cooperation between the two brotherly countries to support developmental fields in the Sultanate, including infrastructure, higher and vocational education programs, the water sector, the industrial and mining sector, transport and communications, and developmental projects in the energy sector.