SFD inks MoU to establish SAR 1.2 bln infrastructure project for Omani economic zone: CEO

Agreement signing ceremony

Saudi Fund for Development (SFD) signed a memorandum of understanding (MoU) with Oman’s Ministry of Finance to finance a project for the development of infrastructure for an economic zone in Ad Dhahirah governorate, Oman, at a total cost of nearly SAR 1.2 billion, CEO Sultan Al-Marshad told Argaam.

On the sidelines of the Saudi-Omani Investment Forum in Riyadh, Al-Marshad said the MoU aims to open horizons for cooperation by establishing an economic zone in Ad Dhahirah governorate, as well as contributing to promoting sustainable economic growth.

This will lead to increased exchange of trade and creation of quality industries, as well as encouragement of partnerships between sectors to provide goods and products. This also aims to reduce the cost of production and export between the two countries.

The fund seeks to finance all sectors of sustainable development, including 17 different sectors in the fields of education, health, infrastructure and transportation, Al-Marshad said, adding this reflects the Kingdom’s efforts to help other countries achieve their economic and social development goals.