Saudi Arabia is to provide USD 201 million grant to Oman that will be used for two development projects at the Port of Duqm, Kuwait News Agency (KUNA) reported.
As informed, the Saudi Fund for Development and the Omani government have signed two memoranda of understanding (MOUs) for financing the projects.
The first grant, worth OMR 20 million (USD 51.8 million) will be used for financing a road from the middle to the south of A’Duqm city.
With the second funding, amounting to OMR 61 million (USD 158.2 million), Oman intends to finance the fishing harbor in Duqm.
Darwish al-Balushi, Omani Minister of Finance explained that the grants will help develop the Special Economic Zone in Duqm (SEZD) and increase the capacity of the fishing harbor.
The funding is part of developing economic cooperation between Saudi Arabia and Oman and the joint program for the development of Gulf Cooperation Council (GCC) states.
Under its development plan, the Port of Duqm, located on the southeastern seabed of Oman, is poised to become an integrated center for multimodal logistics services.
The Port of Duqm is managed by Port Duqm Company SAOG, a joint venture between the Omani government and Belgium’s Port of Antwerp.
World Maritime News Staff