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RIYADH, Feb 1 (KUNA) – The Kingdom of Saudi Arabia and the Sultanate of Oman signed on Wednesday 13 memoranda of understanding in various areas with a total value of SAR one billion (some USD 266 million). The documents, inked during the first Saudi-Omani Investment Forum, cover investment in the infrastructure of storage of oil and petrochemicals; renewable energy and green hydrogen; mining; logistics; entrepreneurship; automation of research, development and innovation; fisheries; marine industries; and tourism and travel.
The forum was held in Riyadh under the theme of “Partnership and Integration,” according to the Saudi Press Agency (SPA). It gathered Minister of Investment Khalid Al-Falih and visiting Omani Minister of Commerce, Industry and Investment Promotion Qais Al-Yousef, as well as representatives of the private sector and major Saudi and Omani companies.
In his inaugural speech to the gathering, Al-Falih stressed the Kingdom’s keenness to enhance and develop investment and economic relations with Oman, an important and effective partner. The strong ties encourage development and integration, in the framework of the Saudi Vision 2030 and Oman Vision 2040, he said. Both sides seek to realize the ambitious goals by empowering the private sector companies, removing all challenges, and creating more investment opportunities, SPA quoted the Saudi minister as saying. He stressed the importance and vitality of the private sector and its effective role in driving the development process in the two countries, contributing to activating the Saudi-Omani partnership, and playing a significant role in the success of the forum and exhibition via providing ideas and creativity to the development of investment and trade.
For his part, Omani Minister Qais Al-Yousef underscored that the forum reflects the solid ties between the two countries at all levels, their role in activating partnerships in priority sectors to develop economic sustainability, keep pace with economic changes, and connect industries, mainly those pertaining to the fourth industrial revolution.