$ 320.4 million.. A development project between Saudi Arabia and Oman
The executive program also aims to develop options for implementing regional digital connectivity through investment entities and licensed companies.
Shrouq
Saudi Arabia and the Omani Sultanate signed an executive program in the field of communications, information technology infrastructure and undersea cable investments.
The agreement was signed between the Ministry of Communications and Information Technology in the Kingdom and the Ministry of Transport, Communications and Information Technology in the Sultanate.
investment in the sea
The program aims to exploit the geographical location of the two countries and promote investment in the sea and land cables that pass through them.
It will create a common working environment to enhance cooperation in the field of infrastructure for communications and information technology services, and high-speed digital connectivity for data exchange.
The executive program also aims to develop options for implementing regional digital connectivity through investment entities and licensed companies, and to expand investment in global data centers and cloud services that target regional presence to maximize benefit for the region.
13 agreements
The signing of the agreement comes two days before the participation of Oman in the work of the international technical conference "LEAP 23" in Riyadh, which begins on Monday.
Over the past two years, the pace of cooperation between Saudi Arabia and Oman has accelerated, the latest of which was the Saudi-Omani Investment Forum in Riyadh, last week.
The forum witnessed the signing of 13 agreements in the fields of oil and petrochemicals, renewable energy and green hydrogen, transport, entrepreneurship, fisheries, mining, tourism and logistics.
Infrastructure project
In the context of the forum, which bore the slogan "Partnership and Integration", he announced the signing of a memorandum of understanding for financing an infrastructure development project in the Gulf Sultanate at a value of 1.2 billion riyals ($320.4 million).
The memorandum on the new project is summarized in the establishment of a modern economic zone in the Omani governorate of Al-Dhahirah, which aims to promote sustainable economic growth and open horizons of joint Gulf cooperation between the two countries.
Cooperation includes increasing trade exchanges and creating quality industries, as well as encouraging partnerships between sectors to provide goods and products and reduce the cost of production and export between the two countries.
