MUSCAT: The Ministry of Finance signed three memoranda of understanding with the Saudi Fund for Development to finance a number of projects amounting to about OMR 94 million.
The MoUs were signed on behalf of the Sultanate of Oman by Sultan bin Salem Al Habsi, Minister of Finance, and Sultan bin Abdul Rahman Al Murshid, CEO of the Fund, on behalf of the Saudi Fund for Development.
This came during a session of talks held between the Ministry of Finance and the Saudi Fund for Development to discuss the existing and future aspects of cooperation to finance a number of projects. Part of this funding comes to establish small and medium enterprises in the governorates in order to benefit from the comparative advantage and develop them for each governorate, in addition to maximising the benefits of establishing and financing the expansion of existing projects for Omani small and medium enterprises to ensure the contribution of the private sector to development and support the absorption of job seekers.
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While the second and third memoranda of understanding aim to contribute to financing infrastructure development projects in the Special Economic Zone at Duqm.
His Excellency Sultan bin Salim Al Habsi, Minister of Finance, explained that these memos are the culmination of the historical relations and the solid partnership between the Sultanate of Oman and the sisterly Kingdom of Saudi Arabia and the vision of the leadership of the two countries, as this partnership will contribute to opening up prospects for cooperation on many levels, including supporting entrepreneurship in the Sultanate and developing infrastructure basic, as well as the promotion of economic projects.
For his part, His Excellency Sultan bin Abdul Rahman Al-Murshed, CEO of the Saudi Fund for Development, said that the efforts of the Kingdom of Saudi Arabia, through the contributions of the Saudi Fund for Development in signing these memorandums, aim to enhance joint cooperation between the two brotherly countries, and based on the role that the Fund plays in supporting social and economic development paths in Arab and Islamic countries.
The Saudi Fund for Development has been working for about 45 years to finance and support development projects in the Sultanate of Oman, and these projects come to support the infrastructure sectors, higher and vocational education programs, and the water sector, in addition to development projects in the energy sector.
