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Saudi Fund for Development Signs Agreement in Oman

Saudi Fund for Development signs agreement with Oman Development Bank
Saudi Fund for Development signs agreement with Oman Development Bank
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Saudi Fund for Development Signs Agreement in Oman

Saudi Fund for Development signs agreement with Oman Development Bank
Saudi Fund for Development signs agreement with Oman Development Bank

The Saudi Fund for Development (SFD) signed in Oman on Thursday a development finance agreement with the Oman Development Bank worth $53.33 million.

This move is part of the $150-million support program provided by the Government of Saudi Arabia through the Saudi Fund for Development for Oman.

The agreement was signed with the bank by the co-chairs of the Saudi-Omani joint committee for the management of the program to support small and medium enterprises (SMEs) in Oman. Saeed al-Qahtani represented the SFD from the Saudi side, and Zahir Al-Abri and Acting CEO of the Oman Development Bank Hamad Al Harthy represented the Omani side.

The agreement aims to support the initiatives of the Oman Development Bank in the financing activities of SMEs and enhance social and economic growth.

Further, it creates jobs in various states and governorates of Oman.

These projects and programs contribute to achieving joint visions and ambitions to serve social prosperity and economic growth in Oman.

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Al Khateeb: Tourism Sector Tops Agenda at WEF Annual Meeting 2025 in Davos

A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saudi National Day. (SPA file photo)
A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saudi National Day. (SPA file photo)
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Al Khateeb: Tourism Sector Tops Agenda at WEF Annual Meeting 2025 in Davos

A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saudi National Day. (SPA file photo)
A landmark is lit up in the colors of the national flag in Diriyah on the occasion of Saudi National Day. (SPA file photo)

Saudi Minister of Tourism Ahmed Al Khateeb stressed on Monday that Saudi Arabia's participation in the World Economic Forum (WEF) Annual Meeting 2025 in Davos, Switzerland, underscores its steadfast commitment to shaping the global dialogue on travel and tourism as key drivers of economic growth and cultural exchange.

Speaking to the Saudi Press Agency (SPA), Al Khateeb highlighted that tourism is a central focus at this year’s forum, with Saudi Arabia showcasing its achievements and fostering partnerships to drive the sector’s global growth.

He emphasized that Saudi Arabia's tourism sector is experiencing unprecedented expansion under Saudi Vision 2030 and the National Transformation Program, positioning the Kingdom as a leading global destination with an ambitious goal of welcoming 150 million tourists annually.

The minister noted that tourism currently contributes 5% to Saudi Arabia's GDP, with projections to double to 10% by 2030. This growth is fueled by strategic investments in groundbreaking projects such as the Red Sea Project, Diriyah, and Qiddiya, alongside numerous private-sector initiatives that are boosting tourism across the Kingdom.

Saudi Arabia is leveraging its natural and cultural assets to establish a global benchmark for tourism-led economic development, he added.

Al Khateeb also highlighted tourism's vital role in the global economy, citing the 2023 Economic Impact Report (EIR) by the World Travel & Tourism Council (WTTC), which revealed that the global travel and tourism sector contributed 9.1% to global GDP—a 23.2% increase from the previous year.

He described Saudi Arabia's participation in Davos as an opportunity to amplify its achievements through collaboration with global leaders, strengthen public-private partnerships, and reinforce its role as a hub for international cooperation.