Saudi Arabia, Oman sign 13 investment agreements, value exceeds SAR1bn

Saudi Arabia and Oman have signed 13 investment memoranda of understanding between the public and private sectors of the two countries covering various sectors.

The agreements were signed at the four-day Saudi-Omani Investment Forum, which is being held in Riyadh under the theme: “Partnership and Integration”.

The forum aims to build enduring partnerships in important areas and contribute to bolstering mutual interests between the two countries.

The agreements’ value exceeds SAR1bn and they cover the storage of oil and petrochemicals; renewable energy and green hydrogen; mining investment; logistics and transport; entrepreneurship; automation of research, development, and innovation; fisheries; supporting marine industries; tourism and travel; and solar energy projects, according to the Saudi Press Agency (SPA).

Building stronger ties

The forum also included bilateral sessions and meetings among representatives of the private sector and major Saudi and Omani companies to discuss aspects of cooperation and investment opportunities.

Saudi-Omani Investment Forum Prioritizes Economic Integration to Achieve Saudi Vision 2030, Oman Vision 2040.https://t.co/GU9L8ubgUp#SPAGOV pic.twitter.com/ra6BKGUAZO

— SPAENG (@Spa_Eng) February 1, 2023

Minister of Investment Khalid Al-Falih – during his inaugural speech at the forum – highlighted Saudi Arabia’s keenness to enhance and develop investment and economic relations with Oman.

Al-Falih noted that the strong ties that bring the two countries together have pushed the leadership of the two “brotherly peoples” towards realising development integration, the top of which are the Saudi Vision 2030 and Oman Vision 2040, stressing that both sides seek to realise the ambitious goals by empowering the private sector and companies, facilitating doing business, and removing all challenges in a bid to create more investment opportunities.

He also stressed the importance and vitality of the private sector and its effective role in driving the development process in the two countries, contributing to activating the Saudi-Omani partnership, and playing a significant role in the success of the forum and exhibition via providing ideas and creativity to the development of investment and trade, SPA reported.

Qais Al-Yousef , the Omani Minister of Commerce, Industry and Investment Promotion, underscored that the forum reflected the solid ties between the two countries at all levels, their role in activating partnerships in priority sectors to develop economic sustainability, keep pace with economic changes and connect industries, mainly those pertaining to the fourth industrial revolution.

PIF investment in Oman

In other developments, in October last year, Saudi Arabia’s Crown Prince and Prime Minister, Mohammed bin Salman bin Abdulaziz, announced that the kingdom’s Public Investment Fund (PIF) will establish five regional investment companies.

The new companies will be created with the aim of investing in Oman, Bahrain, Iraq, Jordan,  and Sudan. The announcement followed the launch of the Saudi Egyptian Investment Company in August, which would invest in the North African country.