Oman has signed two agreements with Saudi Arabia worth RO81mn to finance key projects in Duqm. The money will come from the Saudi Fund for Development, a state agency, to support the work at Duqm, where Oman is building a multi-billion-dollar industrial zone on its southern coast.

The two agreements, which come under the Programme for the Development of GCC States, will finance two projects — the development of infrastructure in the Special Economic Zone in Duqm (SEZD), and the construction of a fishing harbour in Duqm.

The first agreement, worth RO20mn, is related to financing the completion of the second part of a 13-km road, running from the middle to the south of Duqm City.

The second agreement, worth RO61mn, will finance the fishing harbour in Duqm.

The two agreements were signed by Darwish bin Ismail Al Balushi, Minster Responsible for Financial Affairs, and Eng. Yousef bin Ibrahim Al Bassam, deputy chairman and managing director of the Saudi Fund for Development, on behalf of the fund.

Al Balushi said the grant comes within the framework of developing economic cooperation between the two countries and the joint programme for the development of the GCC states. He added that the grants will help in the development of the special economic zone infrastructure, as well as in increasing the capacity of the fishing harbour in Duqm.

Eng Al Bassam noted that the fund will follow the implementation of these two agreements. He pointed out that the fund had allocated $150mn for the SMEs in the Sultanate. The programme will be followed up by the Oman Development Bank (ODB).

Also present at the signing ceremony were Yahya bin Said Al Jabri, chairman of Special Economic Zone Authority in Duqm (SEZAD); Nasser bin Khamis Al Jashmi, undersecretary at the Ministry of Finance; Meshal Al Shumari, acting accredited Ambassador of Saudi Arabia to the Sultanate, and officials from the Ministry of Finance.