The Kingdom of Saudi Arabia and the Sultanate of Oman have signed 13 investment agreements and a memorandum of understanding for investment between the public and private sectors of both the Middle Eastern nations encircling myriad sectors. The investment agreements amount to more than the value of 1 billion Saudi Riyal or 266 million dollars.
The deals made in these agreements are from sectors such as aeroponics, fish farming, mining, tourism, energy, logistics, green hydrogen, oil and gas, petrochemicals, stock exchanges, information technology, and many other sectors.
These agreements were signed at a four-day Saudi-Omani Investment Forum, held in Riyadh. The theme of the forum was “Partnership and Integration”. This forum was inaugurated by Khalid Al Falih, Saudi Minister of Investment. Qais Al-Yousef, the Omani Minister of Commerce, Industry and Investment Promotion and Omani Investment Promotion, alongside Al Falih, opened the Forum as a representative of the Omani delegates.
Minister of Investment Khalid Al-Falih, emphasized Saudi Arabia’s interests in strategic collaborations, economical investments, and partnerships in sectors of joint interests with the Omani Corporation.
Al Falih highlighted the strong relationship of both nations as two brotherly people striving towards their nation’s development through the Saudi Vision 2030 and Oman Vision 2040 respectively. He mentioned that the leadership of both countries aims to accomplish their targets of facilitating ease of doing business, scrapping blockages, boosting private sector companies, and developing avenues for investment opportunities.
Saudi-Omani relationship ties
Saudi Arabia and Oman have a religious connection. They are members of the Gulf Cooperation Council and are working on mutual benefits for economic development.
According to the reports of the Saudi Press Agency, in 2021, 13 memoranda of understanding were signed amounting to $30 billion. This agreement was in alignment with their plans to diversify the hydrocarbon revenues to other businesses mainly tourism and entertainment l, to reduce dependence on oil reserves.
In December 2021, a first-of-its-kind land crossing was opened to facilitate the exchange of the trade. These signed agreements On 1st February in Riyadh, are the outcome of the Saudi-Omani partnership nurtured aggressively in near years with several diplomatic level talks.
Few Forum Deals
Saudi Fund for Development and the Finance Ministry of Oman have signed an MoU to invest in infrastructure projects for building an integrated economic zone in Dhahirah. The project cost is estimated to be 122 million Omani Rials (RO). This project aims at constructing public infrastructure such as roads, water and sewage network, electrical lines, and waste treatment plants and also provide consulting services in the engineering of the design of this 388,000spm project.
Saudi Clear Vision and Oman’s Tanfeedh for Global Business alliance in areas of invention, and research and development.
The Public Authority for Special Economic Zones and Free Zones (OPAZ) signed an MoU with the Special Economic Cities and Zones Authority of Saudi Arabia in areas of financial and investment expansion. They aim at nurturing the special economic zone and city space for developing healthy competitiveness.
A Saudi company and Siham Development and Investment Company have signed an agreement to set up an entertainment project in Muscat, at a cost of RO60 million.
Saudi External Consultants Group and Delta Green Energy Company have signed an RO4 million investment agreement in the green hydrogen sector. They aim at shifting towards renewable sources of energy for their nation’s security and to reduce their carbon footprint.
Saudi International Company for Marine Industries and an Omani company have signed an agreement to boost the marine industry.
Saudi Gulf Laboratory Company and Voltamp Transformers Oman have signed an agreement for collaboration in the field of electrical transformer services with an investment of RO5mn.
Almosafer, a Saudi company, and Visit Oman have signed an agreement to put RO100,00 million into the tourism and travel sector.
Al Falih and Al Yousef inaugurated the Industries Exhibition. This exhibition will run up to Feb 4 adjoining the Investment Forum.
This exhibition aims at showcasing the robust economic relations between both nations, spread across diverse sectors. They wish to exhibit the business models of small and medium enterprises of both nations as a credible business partner to their global counterparts for encouraging investments.