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Oman Signs Three MoUs with Saudi Fund for Development

The Omani Minister of Finance and the CEO of the Saudi Development Fund sign the memorandums of understanding. (ONA)
The Omani Minister of Finance and the CEO of the Saudi Development Fund sign the memorandums of understanding. (ONA)
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Oman Signs Three MoUs with Saudi Fund for Development

The Omani Minister of Finance and the CEO of the Saudi Development Fund sign the memorandums of understanding. (ONA)
The Omani Minister of Finance and the CEO of the Saudi Development Fund sign the memorandums of understanding. (ONA)

Oman’s Finance Ministry signed on Thursday three Memorandums of Understandings (MoUs) with the Saudi Fund for Development (SFD) to finance several projects worth RO94 million (about $244 million).

The first MoU aims at supporting small and medium enterprises (SMEs) by allocating funds to give access to soft loans in various sectors with a total of RO57.6 million ($149.6 million), ensuring the private sector’s contribution to the development process and providing support for job seekers.

The second and third MoUs contribute to financing infrastructure development projects in the Special Economic Zone in Duqm.

SFD CEO Sultan al-Marshad and Omani Minister of Finance Sultan bin Salem al-Habsi signed the MoUs during their meeting to discuss current and future aspects of bilateral cooperation to finance various projects.

Habsi said these MoUs are the culmination of the solid partnership between the two countries, adding that they will contribute to opening prospects for cooperation on many levels, including supporting entrepreneurship in the Sultanate and developing infrastructure, as well as promoting economic projects.

Marshad, for his part, said that the Kingdom seeks bolstering cooperation with Oman based on the SDF’s role in supporting social and economic development paths in Arab and Islamic countries.

The SDF has been working for around 45 years to finance and support development projects in Oman.

These projects aim to support the infrastructure sectors, higher and vocational education programs, the water sector, and development projects in the energy sector.

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Saudi Arabia Reports SAR540 Billion in Services Trade with 7% Annual Growth

Saudi Minister of Commerce Dr. Majid Al-Kassabi and other officials are seen at the panel discussion at Davos. (SPA)
Saudi Minister of Commerce Dr. Majid Al-Kassabi and other officials are seen at the panel discussion at Davos. (SPA)
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Saudi Arabia Reports SAR540 Billion in Services Trade with 7% Annual Growth

Saudi Minister of Commerce Dr. Majid Al-Kassabi and other officials are seen at the panel discussion at Davos. (SPA)
Saudi Minister of Commerce Dr. Majid Al-Kassabi and other officials are seen at the panel discussion at Davos. (SPA)

Saudi Minister of Commerce Dr. Majid Al-Kassabi announced on Wednesday that the Kingdom’s trade in services reached SAR540 billion in 2023, reflecting an annual growth rate of 7%.

Speaking at a panel discussion on Trade in Service at the World Economic Forum in Davos, he underscored the global significance of the services sector, which makes up approximately 65% of the world’s gross domestic product (GDP), 60% of foreign investments, and serves as the largest provider of jobs worldwide, particularly benefiting women.

He emphasized the need for global collaboration to reduce regulatory and procedural obstacles in the services sector, adding that simplifying these systems would boost competitiveness and alleviate burdens on small and medium enterprises (SMEs), thereby raising their economic contribution.

Al-Kassabi outlined Saudi Arabia’s significant investments in digital infrastructure, including SAR93.7 billion already spent and an additional SAR75 billion allocated for future projects.

The investments, he said, aim to support digital transformation, boost businesses, and attract foreign investments.

The Kingdom has partnered with international organizations to establish legislative frameworks that protect investments and advance human resource development and has created a Center for Distinguished Residence to attract skilled talents, he went on to say.

The World Economic Forum emphasized the critical importance of collaboration between the public and private sectors for the future of trade in services. It highlighted its partnership with the National Competitiveness Center on the Facilitating and Developing Trade in Services initiative, which focuses on key sectors such as information and communications technology (ICT), finance, transportation and logistics services, and mining. The sectors are vital as they underpin all economic activities.