Tuesday 18 January 2022

Oman, Saudi Arabia ink 13 pacts on economic cooperation

MUSCAT, December 7, 2021

The Sultanate of Oman and the Kingdom of Saudi Arabia (KSA) have signed thirteen memoranda of understanding (MoU) to activate joint action in promising economic sectors.

The pacts, sealed by firms owned by Oman Investment Authority (OIA) with Saudi counterparts, in coincidence with the visit of Prince Mohammed bin Salman Al Saud, KSA Crown Prince, Deputy Prime Minister and Minister of Defence, reported Oman News Agency (ONA).

OQ signed three MoUs in the fields of petrochemicals, renewable energy and green hydrogen sector: the first with ACWA Power, the second with Aramco and the third with Sabic.

In the field of dry dock and logistic services, Asyad signed an MoU with a Saudi Shipping Company.
Oman Mining Company signed an MoU with Saudi Mining Company to assess opportunities for explorations in the mining sector.

Omran signed an MoU with Dar Al Arkan Real Estate Development Company for the development of a tourism project in Yetti area.

MoUs on investment in the fisheries sector were signed by Oman Fisheries Company and Naqua Fisheries company.

In the field of securities, Muscat Stock Exchange (MSX) singed an MoU with Tadawul Stock Exchange.

Oman Communications and Information Technology inked an MoU with the National Information Technology Company (NITC), while a contract was signed between Khazaen Economic City and Naqel Express of Saudi Arabia to set up a vehicle assembly unit in Khazaen City.

The MoUs also included an MoU between Oman Project Development Company and Alkhorayef Petroleum.

An MoU was signed in the field of entrepreneurship by Oqal Oman and its Saudi counterpart.

Oman Integrated Logistics Company signed an MoU with Saudi Arabia’s Al Zajel company to develop cooperation in the field of logistics and transport.


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