Through many firms held by the Oman Investment Authority, Saudi Arabia and the Sultanate of Oman inked 13 memorandums of understanding totaling $30 billion for cooperative collaboration on particular projects in promising economic areas.
On the backdrop of Crown Prince bin Salman bin Abdulaziz, Deputy Prime Minister, and Minister of Defense’s visit to the Sultanate of Oman, the business sector signed these memorandums with their Saudi counterparts.
These memorandums are intended to increase investments and cooperative effort in specific projects within potential economic sectors, as well as to express the ambition of the two fraternal nations’ leaders to increase mutual investments in areas of mutual interest.
Energy and renewable energy, health care and pharmaceuticals, real estate development, tourism, petrochemicals, manufacturing industries, food and agricultural industries, transportation and logistics, information technology and financial technology, as well as some qualitative investments in the Duqm region, are among them.
The signing of the memorandums of understanding, according to Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih, would boost investments in a variety of industries, resulting in the growth of services and the realization of the Kingdom’s Vision 2030 and Oman Vision 2040 goals.
The Sultanate of Oman’s national television stated that the Oman Minerals Development Company has signed an agreement with the Saudi Maaden Company to explore mining exploration and development potential.
Three memorandums of the agreement were also inked by the Omani Okio Group with Saudi ACWA Power, Air Products, Aramco Trading, and SABIC.
The Muscat Stock Exchange and the Saudi Tadawul Group have signed a memorandum of understanding to collaborate in stock exchange operations and dual listing of firms.
Prince Mohammed bin Salman began a Gulf trip on Monday, visiting the Sultanate of Oman, the United Arab Emirates, Bahrain, Qatar, and Kuwait in preparation for the Gulf Cooperation Council summit, which Riyadh will host in the middle of this month.
According to a statement from the Diwan of the Royal Court of Oman, the Saudi Crown Prince will begin his tour with an official visit to the Sultanate of Oman, where he will “discuss some files of common interest to serve the interests of the two countries and to achieve the aspirations and hopes of the two peoples for a more prosperous future.”