Oman signs deals worth $210m with Saudi Fund for Development
The deals will fund the development of infrastructure in SEZD and the construction of a fishing harbour in Duqm
The government of Oman and the Saudi Fund for Development have inked two agreements with a total value of $210.4m (OMR81m), it has been revealed.
The deals fall under the umbrella of the Programme for the Development of GCC States and will finance two projects, both to be undertaken in Duqm, according to Oman News Agency (ONA).
The first agreement is worth $52m (OMR20m) and involves the development of infrastructure in the Special Economic Zone in Duqm (SEZD), specifically the completion of the second part of the main road in A’Duqm City, stretching 13km.
Meanwhile, the second agreement, worth $158.4m (OMR61m), will fund the construction of a fishing harbour in Duqm.
The agreements were signed by Darwish bin Ismail al- Balushi, the sultanate's Minister Responsible for Financial Affairs, and Eng Yousef bin Ibrahim al-Bassam, deputy chairman and managing director of the Saudi Fund for Development.
Quoting al-Bassam, ONA reported that Saudi Fund has also allocated $150m (OMR57.8m) for Oman's small- and medium-sized enterprises (SMEs).