Saudi Arabia’s trade and economic relationship with Oman is set to be enhanced after leading institutions from the two countries signed a memorandum of understanding.
The Kingdom’s Public Investment Fund inked the deal with the Oman Investment Authority in a move that will help PIF and its portfolio companies unlock investment opportunities in the Gulf nation. Saudi Arabia’s economic relationship with Oman has always been strong, and in 2022 trade between both nations surged by 123 percent compared to the previous year to reach $7.01 billion.
“The MoU represents a significant milestone in PIF’s and OIA’s strategic partnership as it aims to expand PIF’s portfolio in Oman, building on the recent establishment of the Saudi Omani Investment Co., a PIF-wholly owned company, which intends to invest up to $5billion in promising sectors in Oman,” the fund said in the press release.
Saudi Arabia’s economic relationship with Oman has always been strong, and in 2022 trade between both nations surged by 123 percent compared to the previous year to reach $7.01 billion.
The press statement added that SOIC recently closed its first deal in Oman as a 20 percent anchor investor in Abraj Energy Services’ initial public offering.
“PIF aims to create long-term strategic partnerships in the region that support the creation of sustainable returns, deliver value to local economies, maximize PIF’s assets, and diversify the Saudi Arabian economy in line with Vision 2030,” said Yazeed Al-Humied, deputy governor and head of Middle East and North Africa Investments at the fund.
He added that the MoU represents a significant step which will strengthen the relationship between PIF and OIA, ultimately helping the Kingdom’s sovereign wealth fund to expand its investment footprint in the Omani economy. —AN
