Oman’s government has signed two agreements to obtain OMR 81 million (USD 211 million) of financing from Saudi Arabia, for one of its key industrial projects.

The money will come from the Saudi Fund for Development, a state agency, to support work at Duqm, where Oman is building a multi-billion-dollar industrial zone, on its southern coast.

The two agreements, which come within the Programme for the Development of GCC States, are related to financing two projects � the development of infrastructure in the Special Economic Zone in Duqm (SEZD) and the construction of fishing harbour in Duqm.

The first agreement, worth OMR 20 million (USD 52 million), is related to financing completion of the second part of a 13-km long road, from the middle to south of Duqm City.

The second agreement worth OMR 61 million (USD 159 million) is related to financing the fishing harbour in Duqm.

The two agreements were signed by Darwish bin Ismail Al Balushi, Minster Responsible for Financial Affairs, and Eng. Yousef bin Ibrahim Al Bassam, Deputy Chairman and Managing Director of the Saudi Fund for Development, on behalf of the fund.

Al Balushi said, the grant comes within the framework of developing economic cooperation between the two countries and the joint programme for the development of the GCC States. He added, the grants will help in the development of the special economic zone and increasing the capacity of the fishing harbour in Duqm.

Eng. Al Bassam pointed out that, the fund will follow the implementation of these two agreements. He added that, the fund has allocated $150 million within its funding programmes for the SMEs in the Sultanate. The programme will be followed up by Oman Development Bank (ODB).

Present at the signing ceremony included Yahya bin Said Al Jabri, chairman of Special Economic Zone Authority in Duqm (SEZAD); Nasser bin Khamis Al Jashmi, undersecretary at the Ministry of Finance; Meshal Al Shumari, Acting Accredited Ambassador of Saudi Arabia to the Sultanate, and officials from the Ministry of Finance.

Source: NAM News Network