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Saudi Fund for Development deal supports SMEs in Oman

The Saudi Fund for Development agreement with Oman is part of a $150-million Saudi support programme for the sultanate Spa
The Saudi Fund for Development agreement with Oman is part of a $150-million Saudi support programme for the sultanate
  • $53m funding for SMEs
  • Oil and gas are 80% of Oman’s revenues

The Saudi Fund for Development signed an agreement in Oman this week to provide $53.33 million of funding for small and medium enterprises in the sultanate. 

State news agency SPA said that the money, provided to the Oman Development Bank, was part of a $150 million Saudi aid programme for Oman, which has struggled to diversify its economy. 

With oil and gas still forming almost 80 percent of total public revenue, Oman remains more vulnerable to global oil price swings than its wealthier Gulf Cooperation Council neighbours. 

Saudi-Omani ties have improved since Sultan Haitham took power in 2020, signing a pact on closer cooperation during his first foreign trip to Riyadh in 2021. 

In June, the Saudi and Omani tourism ministers said they were looking at the possibility of a joint tourist visa for the two countries.

In July, Saudi Arabia’s Public Investment Fund signed a memorandum of understanding to invest up to $5 billion in Oman.

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