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Oman, Saudi Arabia ink 13 MoUs across sectors

1 Feb 2023

Muscat – The Sultanate of Oman and the Kingdom of Saudi Arabia signed 13 agreements and memorandums of understanding worth millions of rials for investment in various economic and industrial sectors on Wednesday in Riyadh.

The agreements include cooperation and investment in the fields of oil and gas, petrochemicals, renewable energy, green hydrogen, mining, tourism, fish farming, stock exchange, logistics and transportation.

The pacts were signed on the sidelines of the Omani-Saudi Investment Forum in Riyadh.

“This forum is the embodiment of a deep relationship between Oman and Saudi Arabia, coming together under the theme of ‘Partnership and Integration’. We have the opportunity to create a roadmap that supports businesses and investments for a prosperous future,” said Khalid al Falih, Saudi Minister of Investment.

Oman’s Ministry of Finance and the Saudi Fund for Development signed a MoU to finance the construction of an integrated economic zone in Dhahirah, at a cost of about RO122mn in its first phase.

The 388,000sqm project will include the construction of infrastructure, including roads, electrical installations, water and sewage network, and industrial waste treatment, in addition to providing engineering consultancy services for the project (design and supervision).

The Public Authority for Special Economic Zones and Free Zones (OPAZ) signed a MoU with the Special Economic Cities and Zones Authority of Saudi Arabia in the field of economic and investment development to enhance the competitive advantage of cities and economic zones, and develop institutional capabilities between the two sides in a way that achieves mutual benefit.

Siham Development and Investment Company and a Saudi company signed an agreement worth RO60mn to establish an entertainment project in Muscat.

Oman’s Tanfeedh for Global Business and Saudi Clear Vision signed an agreement for cooperation in the field of research, development and innovation.

The agreement aims to develop factories and businesses and support projects based on scientific research and innovation for sound economic returns.

Omani United Investment and Development Company and Saudi al Rajhi Holding Group signed an agreement to establish an investment company engaged in the fields of oil and gas, logistics, electronic payment, furniture and information technology between the two countries.

Voltamp Transformers Oman and Saudi Gulf Laboratory Company signed an agreement worth RO5mn in the field of electrical transformer services.

Delta Green Energy Company and Saudi External Consultants Group signed an agreement worth RO4mn to invest in the field of green hydrogen production.

The agreement aims to prepare economic, investment and financing studies, and attract investment partnerships between the two countries.

Visit Oman and Saudi Almosafer Company signed an agreement worth RO100,000 in the field of travel and tourism.

Oman Construction and Engineering Company and Tharawat al Manajem of Saudi signed an agreement to operate and manage mining sites, while Colossal Engineering and Construction Company and Saudi Desert Technologies signed an agreement to implement solar energy projects in Oman.

An Omani company and Saudi International Company for Marine Industries signed an agreement to support the marine industry in the kingdom, and lastly Omani Golden Integration Solutions Company and Saudi Specialised Industrial Services Company signed an agreement in the field of oil and gas services.

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