Oman’s Industrial Infrastructure to Get a Boost Through New Agreement with Saudi Arabia
In a move to enhance Oman’s industrial infrastructure, a new agreement with Saudi Arabia has been signed to promote private sector participation in the country’s economic growth. The memorandum of understanding, aimed at financing the infrastructure of several industrial zones in Oman, was signed during a meeting between Minister of Finance Sultan bin Salem Al-Habsi and Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development.
Cooperation for Development Projects
Discussions between Oman and the fund focused on cooperation mechanisms and updates on collaborative development projects. The goal is to develop the industrial and logistical sectors by providing necessary basic services, encouraging private sector contribution to Oman’s economic development in alignment with Oman Vision 2040.
Supporting Developmental Areas
The memorandum falls within the framework of cooperation between the two parties to support developmental areas in Oman, including infrastructure, education programs, water, industry, mining, transportation, communications, and energy sectors. Additionally, it includes projects such as the low-carbon iron production project in the Special Economic Zone in Duqm.
Exploring Trade and Investment Opportunities
During a strategic dialogue in Washington, Oman and the US explored ways to enhance trade, investment, and address challenges comprehensively. Discussions focused on opportunities for American companies in Oman, particularly in ICT, semiconductors, and clean energy services. Both sides expressed commitment to cooperation in clean energy solutions and mineral investments.
Environmental Priorities and Clean Energy Research
Under the Omani-American cooperation memorandum, environmental priorities were addressed, fostering communication between researchers from both countries for clean energy research. The agreement signifies a step towards enhancing trade, investment, and cooperation between Oman and the US.