Skip to content Skip to Search
Skip navigation

Saudi fund agrees $67m deal to support Omani SMEs

Officer, Person, Adult Saudi Press Agency via Reuters
Sultan Haitham bin Tariq, right, receives Crown Prince Mohammed bin Salman, upon his arrival to Muscat, Oman, in 2021
  • Deal with Oman Development Bank
  • Finance for startups and youth employment
  • Part of a $150m support package

The Saudi Fund for Development in Oman has signed an OR 25 million ($67 million) deal with the Oman Development Bank to finance startups and create more jobs for the sultanate’s youth.

The agreement is part of a wider $150 million package of support provided by the Saudi government through the fund, which offers loans to owners of self-employment enterprises.

“The agreement aims at generating more employment opportunities for Omani youth by providing soft financing for economic and social development projects,” according to a report by the state-run Oman News Agency.



It follows a similar funding deal announced by the Saudi Fund for Development in Oman last September provide $53 million for small and medium enterprises in the sultanate.  

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

In June, the countries’ tourism ministers said they were looking at the possibility of a joint tourist visa. The following month, Saudi Arabia’s Public Investment Fund signed a memorandum of understanding to invest up to $5 billion in Oman.

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

In January this year the sultanate launched a $5.2 billion fund to encourage more investment in local small- and medium-sized enterprises.

Research by the venture capital firm Wamda found startups in the Gulf state raised $4.8 million in eight deals last year, a year-on-year increase of 39 percent.

Latest articles

UK Prime Minister Rishi Sunak said the pledge ' sets a precedent for global standards on AI safety'

UAE joins AI safety pledge at UK-South Korea summit

Two artificial intelligence companies from the UAE have signed up to a new AI safety pledge and have committed to safe development of the technology. Abu Dhabi’s Technology Innovation Institute and G42 are among 16 names on the safety pledge that also includes Amazon, Google, IBM, Meta, Microsoft, OpenAI and Samsung. The announcement was made […]

Bruno Le Maire said France was also ready to help the UAE develop its own nuclear power plants

France ‘open’ to UAE investing in its nuclear plants

The French government is open to the UAE investing in the country’s nuclear power sector, its economy minister has said. Bruno Le Maire spoke to journalists in Abu Dhabi ahead of talks with Sultan Al Jaber, the UAE minister of industry and advanced technology, and Khaldoon Al Mubarak, chief executive of investment fund Mubadala and […]

Dhahran is home to the King Abdulaziz Center for World Culture. Retal will build almost 2,000 homes in the city

Retal wins $770m contract to build in Dhahran

The Saudi builder Retal has signed a SAR2.9 billion ($770 million) contract to design and build nearly 2,000 residential units in Dhahran, Eastern Province, for the giga-project developer Roshn.  Retal “will develop and design the detailed master plan, design and execute the infrastructure, landscape, construct 1,962 residential units and public amenities building in Aldanah project,” […]

GACA president Abdulaziz Al-Duailej said licences would be announced soon for more low-cost flights from regional Saudi airports

More low-cost airline routes planned for Saudi Arabia

Plans to privatise domestic airports have been announced by Saudi Arabia as part of an aviation expansion strategy, which includes imminent licences for more low-cost airline routes, the kingdom’s civil aviation authority said this week.  The General Authority of Civil Aviation has signed an agreement with a consortium led by the Turkish airport operator TAV […]