Oman signs agreements worth RO81mn with Saudi fund for Duqm projects

Muscat - 

Oman's government signed two agreements worth RO81mn with the Saudi Fund for Development. The two agreements, which come within the Program for the Development of GCC States, are related to financing two projects in Duqm.

The Saudi Fund for Development will provide financing for the development of infrastructure in the Special Economic Zone in Duqm (SEZD) and the construction of a fishing harbour in Duqm. The first agreement worth RO20mn is related to financing the completion of the second part of the main road No 32 (13km) from the middle to south of Duqm City.

The second agreement of RO61mn is related to financing of the fishing harbour. The agreements were signed by H E Darwish bin Ismail bin Ali al Balushi, Minster Responsible for Financial Affairs, and Eng Yousef bin Ibrahim al Bassam, deputy chairman and managing director of the Saudi Fund for Development.

H E Balushi said that the grant comes within the framework of developing economic cooperation between the two countries and under the joint programme for the development of the GCC states. He added that the grants will help in the development of infrastructure in SEZD and increasing the capacity of the fishing harbour in Duqm. Bassam pointed out that the Saudi fund will follow the implementation of these two agreements.

He added that the fund has allocated US$150mn within its funding programmes for the small and medium enterprises (SMEs) in the sultanate. The program will be followed up by Oman Development Bank. H E Yahya al Jabri, chairman of the Special Economic Zone Authority at Duqm (SEZAD), Nasser bin Khamis al Jashmi, undersecretary in the Ministry of Finance, Meshal al Shumari, acting accredited Ambassador of Saudi Arabia to Oman, and other officials of the Ministry of Finance were present at the signing ceremony.

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