Oman, Saudi Arabia sign 13 MoUs on Economic Cooperation

Muscat: The Sultanate of Oman and the Kingdom of Saudi Arabia (KSA) have signed 13 memoranda of understanding for activate joint action in promising economic sectors through a number of firms owned by the Oman Investment Authority (OIA) and the private sector signing these memorandums with their Saudi counterparts.

OQ signed three MOUs in the fields of petrochemicals, renewable energy and green hydrogen sector: the first with ACWA Power, the second with Aramco and the third with Sabic.

In the field of dry dock and logistic services, Asayad signed an MoU with a Saudi Shipping Company.

Oman Mining Company signed an MoU with Saudi Mining Company to assess opportunities for explorations in the mining sector.

Omran signed an MoU with Dar Al Arkan Real Estate Development Company for the development of a tourism project in Yetti area.

MoUs on investment in the fisheries sector were signed by Oman Fisheries Company and Naqua Fisheries company.

In the field of securities, Muscat Stock Exchange (MSX) signed an MoU with Tadawul Stock Exchange.

Oman Communications and information Technology inked an MoU with the National Information Technology Company (NITC), while a contract was signed between Khazaen Economic City and Naqel Express of Saudi Arabia to set up a vehicle assembly unit in Khazaen City.

The MoU was signed in the filed of entrepreneurship by Oqal Oman and its Saudi counterpart.

Oman Integrated Logistics Company signed an MoU with Saudi Arabia’s Al Zajel company to develop cooperation in the field of logistics and transport.

The memorandums also included the signing between the International Company for Project Development and Al-Khorayef Petroleum Company in the oil and gas sector.

Her Excellency Asila bint Salim al Samsami, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion, informed that the MoUs aim to strengthening economic ties and encouraging investment between the two brotherly countries.

According to Badr Al-Badr, CEO of the Saudi National Companies Promotion Programme,  the investment value of the memoranda of understanding signed between Omani and Saudi companies is expected to exceed 10 billion US dollars.

Mulham Basheer Al Jarf, Acting Vice President of the Oman Investment Authority, said that the signing of the memoranda of understanding comes in light of the development and transformational trends in the two brotherly countries and represents an opportunity for both parties to invest in promising sectors and establish diverse partnerships.

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