Saudi Public Investment Fund aims to invest $5 billion in Oman

Jeddah: Saudi Arabia’s Public Investment Fund (PIF) is planning to invest SR18.7 billion ($5 billion) in Oman, according to a statement from the two countries.

The Plan was announced after the visit of Saudi Arabia’s Crown Prince Mohammed bin Salman.

There are no details yet as to what industries or companies the money will be invested in.

The announcement comes after the two countries signed 13 Memoranda (MoU), reportedly worth more than $30 billion and covering a number of sectors.

The agreements were signed by Omani Companies fully owned by the Oman Investment Authority, the Saudi press agency and Omani state Tv reported.

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