Oman and Saudi Arabia Sign $30b Memorandum of Understanding

The two Arabic countries, Oman and Saudi Arabia have signed 13 Memorandum of Understanding (MoUs) worth $30 billion.

The agreements are included in sectors of energy, renewable energy, pharmaceutical industries and investments in Oman’s Duqm area, the Saudi state news agency (SPA) reported on Tuesday.

The agreements were announced amid an official visit by the Saudi crown prince to Oman.

Crown Prince Muhammad Bin Salman met with Sultan Haitham Bin Tarik of Oman on Tuesday, in which they reiterated determination to further bolster bilateral ties and strengthen cooperation in wide ranging areas.

In a joint statement issued at the end of the two-day visit, the two countries affirmed their resolve to raise the pace of joint economic cooperation with improving qualitative trade and investment exchanges and enhancing private sector partnership.

The two leaders praised the cooperation and coordination achieved in the political, economic, military and security fields for the good of the two countries and their peoples, the statement added.

The MoUs were signed between Oman’s state energy company and Saudi Basic Industries Corp (SABIC), according to SPA.

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