Oman and Saudi Arabia sign agreement to establish economic zone in Al Dhahirah

Oman Wednesday 01/February/2023 16:00 PM
By: Times News Service
Oman and Saudi Arabia sign agreement to establish economic zone in Al Dhahirah

Muscat: The Sultanate of Oman and Saudi Arabia have signed an agreement to establish an economic zone in Al Dhahirah, as a first stage by establishing the infrastructure construction project.

On the sidelines of the second Omani-Saudi Investment Forum, the Government of the Sultanate of Oman and the Kingdom of Saudi Arabia signed a memorandum of understanding to finance the first phase of the infrastructure construction project for the integrated economic zone in Al-Dhahirah Governorate in the Sultanate of Oman.

The forum aims to consolidate and enhance joint trade and investment relations between the two brotherly countries, find strategic opportunities for joint investment, and support private sector institutions within the two countries to open wider avenues for joint action for the benefit of both countries.

The work of the forum includes dialogue sessions to discuss the most promising investment sectors between the two countries, such as: renewable energy, supply chains, tourism, real estate, transport and logistics services and other activities of common interest that contribute to advancing and accelerating the volume of investment flows between the two countries and enhancing trade exchange.

The forum will also review the most prominent developments in the business and investment environment, in addition to the cities and industrial zones in the Sultanate of Oman and Saudi Arabia.

The investment forum will accompany the opening of the Saudi-Omani Industries Exhibition, with the participation of government agencies from both countries along with the most prominent Omani and Saudi companies, where each entity and company will display its services and products.