Saudi and Omani companies unveil $ 10 billion worth of deals as Crown Prince Mohammed bin Salman begins visit
RIYAD: On the eve of Saudi Crown Prince Mohammed bin Salman’s arrival in Muscat, Saudi Arabia and Oman signed 13 memoranda of understanding, valued at over $ 10 billion and covering a number of of sectors.
The deals were signed by Omani companies wholly owned by the Sultanate Investment Authority, Oman State TV reported on Monday.
OQ Group, a global energy supplier based in Oman, has signed three of the agreements, the first of which with ACWA Power and Air Products in petrochemicals, renewables and green hydrogen. The second, relating to oil storage, was signed with Saudi Aramco, and the third, relating to the development of the Omani Duqm Petrochemical Complex project, with SABIC.
The Omran group has signed a memorandum with the Saudi Dar Al-Arkan Real Estate Development Company for the development of Yetti beach in Oman. Omran is described as creating sustainable and authentic tourism assets, lifestyle communities and destinations designed to drive economic growth and help diversify the economy.
Another memorandum was signed by Fisheries Development Oman and Saudi Arabia‘s National Aquaculture Group, or Naqwa, to strengthen cooperation in the field of fisheries.
The Saudi group Tadawul and the Muscat Securities Market have signed a memorandum of cooperation with the functioning of the stock exchange and the double listing of companies.
Asyad, an Oman-based logistics group, signed an agreement with Saudi Bahri, a transport and logistics company, while Minerals Development Oman signed an agreement with the Kingdom’s Maaden Phosphate Co. to strengthen cooperation in the mining sector.
Badr Al-Badr, CEO of the National Companies Entrepreneurship Program in Saudi Arabia, said the total value of the MoU investment is expected to exceed $ 10 billion, Oman News Agency reported.
Crown Prince Mohammed arrived in Oman on Monday on the first of several stops on an official tour of the Gulf states. The visit is expected to build on talks Omani Sultan Haitham bin Tariq had with King Salman during his visit to Saudi Arabia in July.
The crown prince’s visit is “based on the directives of King Salman, his concern to communicate with the leaders of the Gulf Cooperation Council and to strengthen ties,” the royal court said in a statement released by the news agency Saudi Arabian.
The prince will meet with the Sultan and they will review issues of common interest, with the aim of achieving progress and prosperity for the two countries and their peoples, Oman News Agency reported.
The visit to Oman is an “affirmation of the ties of brotherhood and kinship, and of the historical relations between the Sultanate of Oman and the Kingdom of Saudi Arabia”, according to the ONA report, adding that the two countries “are ready for a new stage of economic cooperation and investment in all fields.
In July, the two countries reaffirmed their joint investment plans in advanced technologies, innovation, renewable energy projects, industrial health, real estate, tourism, petrochemical processing industries, chains supply, logistics partnerships, information technology and financial technologies, according to ONA.
“The achievements made over the past five months and the active exchange of visits between officials reflect the two countries’ strong desire to work together,” the agency said, adding that this includes the establishment of the Saudi Investment Forum. -omanais, which was held in Muscat in August, during which several agreements were signed.
A memorandum establishing a coordinating council has been signed by the two countries, as well as a separate agreement aimed at boosting government and private sector trade and investment, as well as cooperation, in the field of environmental and food security. .
According to a joint statement, the two sides also agreed to speed up the opening of their border posts to facilitate the movement of people and goods in order to “integrate supply chains in order to achieve the desired economic integration”.
During his regional tour, the Saudi Crown Prince will also meet with leaders and senior officials from the United Arab Emirates, Qatar, Bahrain and Kuwait to discuss bilateral relations. His trip precedes the GCC summit in Riyadh this month. He should go to Abu Dhabi after Oman.