On the eve of Saudi Crown Prince Mohammed bin Salman’s arrival in Muscat, Saudi Arabia and Oman signed 13 memoranda of understanding, reportedly worth more than $30 billion and covering a number of sectors.
The agreements were signed by Omani companies fully-owned by the sultanate’s Investment Authority, Saudi Press Agency and Omani state TV reported on Monday.
OQ Group, a global energy provider based in Oman, signed three of the 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 development of Oman’s Duqm Petrochemical Complex project, with SABIC.
Omran Group signed a memorandum with the Saudi Dar Al-Arkan Real Estate Development Company for the development of the Yetti Beach in Oman. Omran is described as creating sustainable and authentic tourism assets, lifestyle communities and destinations designed to drive economic growth and contribute to the diversification of the economy.
Saudi Arabia’s Crown Prince Mohammed bin Salman gets a warm welcome in Muscat from Sultan Haitham bin Tarik. (Supplied)
Another memorandum was signed by Fisheries Development Oman and Saudi Arabia’s National Aquaculture Group, or Naqwa, to boost cooperation in fisheries. The Saudi 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.
Oman-based Asyad, a logistics group, signed an agreement with Saudi Bahri, a transportation and logistics company, while Minerals Development Oman signed a deal with the Kingdom’s Maaden Phosphate Co. to boost cooperation in the mining sector.
Badr Al-Badr, the CEO of the National Companies Entrepreneurship Program in Saudi Arabia, said that the total investment value of the memoranda of understanding is expected to exceed $10 billion, the Oman News Agency reported. Crown Prince Mohammed arrived in Oman on Monday on the first of several stops on an official tour of Gulf states. The visit is expected to build on talks Omani Sultan Haitham bin Tariq held with King Salman during his visit to Saudi Arabia in July.