Saudi Arabia, Oman sign 13 MoUs worth $30 bln

Signing ceremony

Saudi companies and a number of Omani companies owned by Oman Investment Authority (OIA) and private sector firms signed today, Dec. 6, 13 memorandums of understanding (MoUs) at a total value of $30 billion (SAR 112.5 billion).

These MoUs were signed on the sidelines of the visit of Saudi Crown Prince Mohammed bin Salman to the Sultanate of Oman, SPA reported.

The memorandums aim to strengthen mutual investments and joint cooperation in certain projects under promising economic sectors in both countries. They also underline the areas of common interest, such as energy, renewable energy, health care, pharmaceutical industries, real estate development, tourism, as well as petrochemicals. It also includes manufacturing industries, food and agriculture industries, transportation and logistics, information technology and financial technology, in addition to a number of qualitative investments in the Duqm region.

Saudi Minister of Investment, Khalid Al-Falih, said: "The Kingdom of Saudi Arabia and the Sultanate of Oman are full of promising investment opportunities that provide a fertile ground for establishing various investment partnerships between the Saudi and Omani business sectors."

These MoUs will enhance investments in a number of fields, which will be reflected in the development of services and the achievement of the aspirations of Saudi Vision 2030 and Oman's Vision 2040, Al-Falih added.

He also affirmed that these MoUs will contribute to strengthening the relations between the two brotherly countries, by supporting mutual investment relations, developing available investment opportunities as well as achieving economic integration between the two brotherly countries.

The MoUs were driven by the joint work of the two sides, represented by the Saudi Ministry of Investment, Oman's Ministry of Commerce, Industry and Investment Promotion, and OIA.

Omani group OQ signed three MoUs with Saudi players. One of these MoUs was inked in petrochemicals, renewable energy and green hydrogen sectors with Saudi-based ACWA Power and Abder Products Co. The second is related to oil storage with Aramco Trading, while the last one was closed with Saudi Basic Industries Corp. (SABIC) for the development of Duqm petrochemicals complex project.

Another deal was signed between Oman's national logistics provider, ASYAD Group and National Shipping Company of Saudi Arabia (Bahri).

Minerals Development Oman (MDO) also signed a deal with Saudi Arabian Mining Co. (Maaden) to explore opportunities for development in the mining sector.

Elsewhere, Omran Group signed an MoU with Dar Al Arkan Real Estate Development on a tourism project on Yitti beach.

Other preliminary deals were inked in aquaculture between Fisheries Development Oman (SAOC) and Saudi Arabia’s National Aquaculture Group (NAQUA). In the stock market field, Muscat Stock Exchange (MSX) and Saudi Exchange (Tadawul) inked an MoU to cooperate on dual listings and stock market transactions.