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Empowering Industrial zones to bolster the economy, Oman and Saudi Arabia signed a Memorandum of Understanding (MOU) within Oman. A significant milestone was achieved among the two Gulf nations to foster economic growth and diversification. The MOU was signed by the representatives of both countries for investing in Industrial zones in Oman through financial aid from Saudi Arabia.
Aim Behind Collaboration
The aim behind this collaboration is the significance of Industrial zones in boosting the economy. Industrial zones are the hubs of job creation, manufacturing, investment opportunities, production technology transfer, etc. Similarly, To foster innovation and a thriving economy Oman collaborates with Saudi Arabia. Additionally, To cater to the critical needs of infrastructure the initiative is to attract foreign investment.
Details of Collaboration
On 25th April, a Memorandum of Understanding (MOU) was signed between Saudi Arabia and Oman for the empowerment of Industrial zones in the Sultanate of Oman. Moreover, The MOU was signed between the Omani Finance Minister and Saudi Arabia’s Chief Executive Officer. The memorandum aims to support the development areas of Oman.
In the previous year 2023, a Memorandum of Understanding (MOU) between both the countries for first phase of the economic zone project EZAD. Moreover, The zone is situated 20km away in an area of 388 square km and costs almost RO 100 million. The trading volume among both countries in the year 2022 was RO 2.7 billion and increased by 123% this year.
Muscat Auditing’s Perspective Towards Bilateral Relationship
Muscat Auditing believes that financing the industrial zone heralds a new chapter in bilateral relationships. Their commitment to economic prosperity and innovation is flourishing. Moreover, the country is on the track of prosperity.