Saudi Arabia, in a rare gesture, has agreed to provide $201mn grant to Oman for two development projects at the Port of Duqm in Oman.
The funding, to be provided by the Saudi Development Fund, will finance a OMR61mn ($158mn) fishing facility and a road projects worth OMR20mn aimed at linking it to ADuqm city, reported state-run Oman News Agency.
The funding is part of the developing economic cooperation between Saudi Arabia and Oman and the joint program for the development of GCC states, said the report citing the finance minister. Darwish Al Balushi explained that the grants will help develop the Special Economic Zone in Duqm (SEZD) and increase the capacity of the fishing harbor.
The Port of Duqm is managed by Port Duqm Company SAOG, a joint venture between the Omani government and Belgiums Port of Antwerp. Oman wants to develop Duqm into a major hub, and is building a 230,000 barrel per day oil refinery there with Kuwait.