Oman has signed three agreements RO 94 million ($244 million) with the Saudi Fund for Development (SFD) for supporting SMEs and infrastructure development.
The first MoU dealt with supporting small and medium enterprises (SMEs) through a soft loan portfolio of RO 57.6 million catering to SME projects in governorates.
The projects will benefit from the governorates’ comparative advantages that include the establishment and expansion of existing SME projects in a manner that enables the private sector to engage in domestic development and accommodate job seekers, Omani media reports said.
The second and third MoUs contribute to the funding of infrastructure projects in the Special Economic Zone at Duqm (SEZAD).
Sultan Salim Al Habsi, Minister of Finance, said that the projects cap historical ties and partnerships between Oman and Saudi Arabia under the vision of the leaders of the two countries. The partnership will enhance entrepreneurship and infrastructure of economic projects in Oman, he added.
Sultan Abulrahman Al Murshid, CEO of SFD, said the MoUs constitute part of the SFD’s endeavors to support the march of social and economic development in Arab and Muslim countries.
The SFD has been providing support to development projects in Oman for 45 years. Its projects contributed to several sectors, including infrastructure, higher education, water and energy.