MUSCAT: The memorandum of understanding signed over the weekend by the Oman Investment Authority (OIA) with the Public Investment Fund (PIF) in the Kingdom of Saudi Arabia aims to frame cooperation in the investment field between the two brotherly countries, said Abdulsalam bin Mohammed al Murshidi (pictured), Chairman – OIA
“The memorandum confirms the commitment of the Sultanate of Oman and the Kingdom of Saudi Arabia to strengthening strategic partnerships between them, and their endeavour to enhance economic integration, achieve sustainable development and advance economic investments in the region,” Al Murshidi added.
He pointed out that Oman Investment Authority will work to identify a set of promising investment opportunities in the targeted economic sectors in Oman and present them to the Saudi Omani Investment Company, which will invest $5 billion in a variety of projects, thereby contributing to economic diversification efforts, and creating partnerships with the Omani private sector, in addition to business opportunities for small and medium enterprises, and job opportunities for youth.
Noting that Omani-Saudi economic and investment cooperation and integration is a model for the Middle East region, Al Murshidi said the OIA is working to build on these ties via several initiatives. It recently participated in the Omani-Saudi Coordination Council, which was established on July 11, 2021 to be a link with the parties in the two countries. OIA, in addition to its subsidiaries, have also signed a number of MoUs with their counterparts in Saudi Arabia to explore joint opportunities in promising economic sectors.
The Authority is inspired by the role played by Omani economic diplomacy in strengthening strategic partnerships with brotherly and friendly countries with the goal of achieving various national objectives enshrined in Oman’s Vision 2040 strategy, he added. — ONA
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