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 Saudi Arabia signs OMR71m port deal with Oman

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PostSubject: Saudi Arabia signs OMR71m port deal with Oman   Mon 23 Mar 2015, 10:54 am

RIYADH: Saudi Arabia and Oman have signed OMR71 million two agreements for development of infrastructure in Special Economic Zone in Duqm (SEZD) and construction of fishing port in Duqm.
The agreements come within the approved Gulf Cooperation Council (GCC) programme for financing some development projects in the Sultanate. Saudiís share in the programme stands at OMR960 million. The agreements are part of a series of agreements that will be funded by the consolidated Gulf programme and Saudi as a member.
The first agreement, worth OMR17.3 million for the development of Duqm free zone infrastructure development, aims at developing the zone, which is the gateway of logistic supply for the GCC region, as well as marine and aviation hub. It is also a centre for high value-added export-based manufacturing industries, such as fish processing and petrochemicals.
The second agreement, worth OMR53.7 million for the construction of fishing port and fish processing complex, aims at developing the fisheries sector and make optimum utilisation of the abundant fish resources in the wilayat of Duqm.
The two agreements were signed by Darwish bin Ismail Al Balushi, minster responsible for financial affairs on behalf of Oman government and Eng. Yousef bin Ibrahim Al Bassam, deputy chairman and managing director of the Saudi Fund for Development.
Al Balushi said the first agreement is related to the finance of the first stage of the fishing port and the fishing industries complex in Duqm. He added that the second agreement is related to financing the first stage of the infrastructure in SEZD.
Present at the signing ceremony included Yahya bin Said Al Jabri, chairman of Special Economic Zone Authority in Duqm (SEZAD); Eid Mohammed Al Thaqfi, Saudi Arabian ambassador to the Sultanate; Nasser bin Khamis Al Jashmi, undersecretary of the Ministry of Finance; Dr Hamad bin Said Al Aufi, undersecretary at the Ministry of Agriculture and Fisheries for Fisheries, and a officials from both countries.
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