13 MoUs: Major economic boost for the Sultanate of Oman

Muscat: The Sultanate of Oman and the Kingdom of Saudi Arabia signed 13 memoranda of understanding, covering several sectors. The agreements were signed by companies fully owned by the sultanate’s Investment Authority (OIA).

According to agency reports, the total value of the agreements is $30 billion.

OQ Group signed three agreements, the first of which was with ACWA Power and Air Products in the fields of petrochemicals, renewable energy, and green hydrogen. The second, relating to oil storage, was signed with Saudi Aramco, and the third, involving the development of the Duqm Petrochemical Complex project, with SABIC.

Omran Group signed a memorandum with the Dar al Arkan Real Estate Development Company of Saudi Arabia for the development of the Yiti Beach in Oman.

Fisheries Development Oman and Saudi Arabia’s National Aquaculture Group, or Naqwa, signed to an agreement for cooperation in the fisheries sector.

The Tadawul Group and the Muscat Securities Market signed a memorandum for cooperation with the operation of the stock exchange and the dual listing of companies.

Asyad signed an agreement with Saudi Bahri, a transportation and logistics company, while Minerals Development Oman signed a deal with the Maaden Phosphate Co. to boost cooperation in the mining sector.

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.

The cooperation between the Sultanate of Oman and the Kingdom of Saudi Arabia continues to grow in the sectors of transport, communications, and Information Technology.

In early November, a memorandum of understanding was signed on cooperation in the field of land transport between the Ministry of Transport, Communications and Information Technology (MTCIIT) and the Saudi Ministry of Transport and Logistics Services.

The discussions covered the operations of foreign vehicles, the overloading of trucks, the carbon emissions reduction and the railway linkage between the two countries.