Oman is set to receive a significant boost in its industrial infrastructure through a new agreement with Saudi Arabia, which aims to promote private sector involvement in the country’s economic growth.
According to the Oman News Agency (ONA), a memorandum of understanding (MoU) was signed between Sultan bin Salem Al-Habsi, Oman’s minister of Finance, and Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development. The agreement focuses on financing the infrastructure of various industrial zones in Oman.
Oman, Saudi Arabia sign MoU to fund Omani industrial zones’ infrastructure projects.https://t.co/chXVGJxSMX pic.twitter.com/rwpfF9AN6t
— Oman News Agency (@ONA_eng) April 25, 2024
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The discussions during the meeting revolved around the cooperation mechanisms between Oman and the fund, as well as updates on collaborative development projects. The objective is to develop the industrial and logistical sectors by providing essential services, thereby encouraging the private sector to contribute to Oman’s economic development in alignment with Oman Vision 2040.
This MoU falls within the framework of cooperation between the two parties to support developmental areas in Oman, including infrastructure, higher and vocational education programs, water resources, industry, mining, transportation, communications, and energy sector projects.
Oman-Japan business cooperation in focus
In a separate event, Ali bin Masoud Al-Sunaidi, chairman of Oman’s Public Authority for Special Economic Zones and Free Zones, met with Ken Saito, minister of Economy, Trade, and Industry of Japan, along with his delegation in Tokyo. The discussions focused on business cooperation between the two countries and major projects underway in Oman’s economic and free zones and industrial cities. Notably, they highlighted the low-carbon iron production project in the Special Economic Zone in Duqm.
The visit also included meetings with officials from companies engaged in iron and its derivatives production, renewable energy equipment manufacturing companies, and a visit to Yokohama Port to learn from its experience in handling specialized ships for energy and petroleum product transportation.
The Sultanate of Oman and the United States of America explore means of promoting trade and investment, in addition to addressing shared challenges during the 2nd Strategic Dialogue held in #Washington.https://t.co/RUGbz1kCdr pic.twitter.com/gxJ82S8OBu
— Oman News Agency (@ONA_eng) April 24, 2024
Enhancing trade and investment between Oman and the U.S.
Furthermore, Oman and the United States (U.S.) held on April 24 their second strategic dialogue in Washington, where they explored ways to enhance trade, investment, and address challenges comprehensively. Sheikh Khalifa bin Ali bin Issa al-Harthy, undersecretary for Diplomatic Affairs at the Ministry of Foreign Affairs, chaired the Omani delegation, while the U.S. delegation was led by Jose Fernandez, undersecretary of State for Economic Growth, Energy, and the Environment.
During the dialogue, both sides discussed opportunities for American companies in Oman, particularly in the fields of information and communication technology (ICT), semiconductors, and clean energy services. They expressed their commitment to strengthening cooperation in clean energy solutions and mineral investments. The discussion also emphasized environmental priorities under the Omani-American cooperation memorandum, promoting communication between researchers from both countries in the field of clean energy research.
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