Abdulsalam Al Murshidi, executive president of the largest sovereign wealth fund of the Sultanate of Oman, has confirmed that large projects linking Oman and Saudi Arabia will be announced in the future. He also affirmed that economic ties between Oman and Saudi Arabia have taken great strides towards integration and strengthening the partnership between the two countries.
“What happened during the past two years, specifically after the visit of Sultan Haitham bin Tariq to the Kingdom, exceeded what had happened during the past two decades,” Murshidi told Asharq Al-Awsat.
On December 28, 2022, Saudi Arabia’s SABIC, Oman’s state energy company OQ and Kuwait Petroleum International signed an agreement to develop a petrochemicals complex in the Duqm economic zone. The complex will consist of a steam cracker and derivative units, and a natural gas liquid (NGL) extraction facility.
Murshidi also noted that the Saudi Public Investment Fund, by orders of Saudi Crown Prince Mohammed bin Salman, has allocated $5 billion to establish a company in the Sultanate.
Omani Investment Authority recently announced that it plans to spend nearly $5 billion in investment projects in 2023.
