Saudi PIF’s $5bn investment pledge to strengthen partnerships with Oman: OIA

MUSCAT: The memorandum of understanding signed over the weekend by the Oman Funding Authority (OIA) with the Public Funding Fund (PIF) within the Kingdom of Saudi Arabia goals to border cooperation within the funding discipline between the 2 brotherly international locations, mentioned Abdulsalam bin Mohammed al Murshidi (pictured), Chairman – OIA

“The memorandum confirms the dedication of the Sultanate of Oman and the Kingdom of Saudi Arabia to strengthening strategic partnerships between them, and their endeavour to reinforce financial integration, obtain sustainable growth and advance financial investments within the area,” Al Murshidi added.

He identified that Oman Funding Authority will work to establish a set of promising funding alternatives within the focused financial sectors in Oman and current them to the Saudi Omani Funding Firm, which can make investments $5 billion in a wide range of initiatives, thereby contributing to financial diversification efforts, and creating partnerships with the Omani personal sector, along with enterprise alternatives for small and medium enterprises, and job alternatives for youth.

Noting that Omani-Saudi financial and funding cooperation and integration is a mannequin for the Center East area, Al Murshidi mentioned the OIA is working to construct on these ties by way of a number of initiatives. It not too long ago participated within the Omani-Saudi Coordination Council, which was established on July 11, 2021 to be a hyperlink with the events within the two international locations. OIA, along with its subsidiaries, have additionally signed plenty of MoUs with their counterparts in Saudi Arabia to discover joint alternatives in promising financial sectors.

The Authority is impressed by the function performed by Omani financial diplomacy in strengthening strategic partnerships with brotherly and pleasant international locations with the purpose of reaching varied nationwide targets enshrined in Oman’s Imaginative and prescient 2040 technique, he added. — ONA