Saudi Arabia allots $210 mln funding to industrial projects in Oman

The Saudi Fund for Development has signed two financing agreements worth $210 million with the Omani government for development of its industrial zone, according to Oman News Agency (ONA).

Under the agreements, $52 million will be allocated to the development of infrastructure at the Special Economic Zone in Duqm (SEZD), while $158 million will go towards the construction of the Fishing Harbor in Duqm.

The grants are part of a $10 billion program for the development of GCC States, ONA said, without giving further details.

The Saudi grants will help in the development of SEZD’s infrastructure and boost capacity of the Duqm fishing harbor, said Darwish bin Ismail Al-Balushi, Oman’s Minister Responsible for Financial Affairs.

Yousef bin Ibrahim Al-Bassam, managing director of the Saudi Fund for Development, added that the fund has allocated $150 million to finance the growth of small and medium-sized enterprises in Oman, which would be extended by Oman Development Bank.