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Saudi Arabia Finances $319 Million Infrastructure Project in Oman

The Saudi-Omani Investment Forum kicked off in Riyadh on Wednesday. (Asharq Al-Awsat)
The Saudi-Omani Investment Forum kicked off in Riyadh on Wednesday. (Asharq Al-Awsat)
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Saudi Arabia Finances $319 Million Infrastructure Project in Oman

The Saudi-Omani Investment Forum kicked off in Riyadh on Wednesday. (Asharq Al-Awsat)
The Saudi-Omani Investment Forum kicked off in Riyadh on Wednesday. (Asharq Al-Awsat)

Saudi Arabia and Oman announced on Wednesday that they signed 13 investment MoUs between the their private and public sectors with a value exceeding one billion riyals ($266.6 million).

Fields covered by the agreements include oil and petrochemical storage, renewable energy and green hydrogen, mining investment, logistics and transportation, entrepreneurship, automation of research, development and innovation, fisheries, support for marine industries, tourism and travel, in addition to solar energy projects.

The signing of the MoUs came on the sidelines of the Saudi-Omani Investment Forum held in Riyadh on Feb.1-4.

In this context, the Saudi Fund for Development signed a memorandum of understanding for an infrastructure development project worth $319 million (SAR 1.2 billion) in Oman. The project aims to fund the infrastructure of the special economic zone in the governorate of ad-Dhahirah.

The MoU, which was signed in the presence of Saudi Minister of Investment Khalid al-Falih and Omani Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed al-Youssef, aims to enhance cooperation by establishing the special economic zone that would increase commercial trade, encourage partnerships between the various sectors and reduce the cost of production and export between the two countries.

CEO of the Saudi Fund for Development Sultan al-Murshed said that the MoU “comes to strengthen the long-established historical relations and close partnership between Saudi Arabia and Oman, as these development projects and programs contribute to achieving the ambitious visions of the two countries.”

Addressing the opening session of the forum, Eng. Khalid Al-Falih, the Saudi Minister of Investment, underlined Riyadh’s keenness to strengthen and develop investment and economic relations with Oman.

Al-Falih emphasized the importance and vitality of the private sector and its active role in advancing development in the two countries and activating the Saudi and Omani partnership, as well as its great contribution to the success of the forum.

Omani Minister of Commerce, Industry and Investment Promotion Qais Al-Youssef said that the forum reflected the strength of the Saudi-Omani relations, pointing to the two countries’ keenness to activate partnership in priority sectors to advance economic sustainability, keep pace with economic changes, and create links between the industries.

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Saudi King Salman Inaugurates Riyadh Metro

Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA
Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA
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Saudi King Salman Inaugurates Riyadh Metro

Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA
Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has inaugurated the Riyadh Metro, the backbone of the capital’s public transport network.

King Salman viewed on Wednesday an introductory video about the Riyadh Metro — one of the Kingdom’s major projects during his prosperous reign — distinguished by its standout design and technological features, with a network that spans 176 kilometers across 6 lines and 85 stations, including 4 iconic ones.

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Royal Commission for Riyadh City (RCRC), expressed his sincere gratitude to the Custodian of the Two Holy Mosques for his generous support and patronage of the Riyadh Public Transport Project – which includes the metro and bus systems – from its concept to execution, and for his invaluable steering during the implementation of the project according to the highest global standards.

“The Riyadh Public Transport Project, which spans metro and bus networks, is the culmination of concerted efforts made by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and the outcome of his visionary leadership, while serving as the Chairman of the High Commission for the Development of Arriyadh, the predecessor of RCRC,” said the Crown Prince.

The Riyadh Public Transport Project was launched following studies conducted back then by the High Commission for the Development of Arriyadh (now RCRC) on the capital city’s current and future public transport needs, and outlined the best solutions for a sustainable public transit system that reflects the city’s unique urban, population, and traffic characteristics.

These studies resulted in the comprehensive Public Transport Plan for Riyadh City, which included a metro system and a parallel bus network that would meet Riyadh’s current and projected mobility needs. The plan culminated with the Council of Ministers adopting a resolution to “approve the execution of the Riyadh Public Transport Project – Metro and Buses.” RCRC then launched a bidding process that saw the participation of several global consortia. Finally, a Royal Decree awarded the Riyadh Metro contracts to three consortia, comprising over 19 major global companies from 13 countries.

Thanks to the support of the Crown Prince, RCRC successfully implemented the project. Considered one of the world’s largest public transport projects conducted in a single phase, the Riyadh Public Transport stands out for its meticulous planning and exceptional design and technology, and is tailored to meet Riyadh’s social, environmental, and urban requirements. It is also poised to significantly contribute to the capital city’s urban mobility needs, enhancing the quality of life of its residents and visitors alike, in line with the objectives of Vision 2030.

Minister of State, Member of the Council of Ministers, and RCRC Chief Executive Eng. Ibrahim bin Muhammad Al-Sultan extended his gratitude to the Custodian of the Two Holy Mosques and the Crown Prince for the Riyadh Metro project inauguration.
Al-Sultan highlighted that Riyadh is now enjoying the benefits of this transformative project, which will redefine the capital's image and revolutionize transportation for both residents and visitors. The metro's extensive six-line network will gradually begin operations.
He elaborated that the project aims to deliver an efficient and sustainable public transport system that meets the current and future mobility demands of Riyadh. The initiative is in line with the rapid population growth, urban expansion, and the increasing use of private vehicles in the city.