Saudi investment minister visits Oman to boost economic ties

Saudi Arabia is within the midst of a bold financial improvement plan to wean the economic system off oil, whereas Oman final year launched measures to spice up its funds and not too long ago requested the Worldwide Financial Fund for help to rein in its debt.

Each nations had been hit exhausting by the coronavirus disaster and low oil costs final yr, and are eager to draw international funding as a part of their reform efforts.

Oman final year was in talks with some Gulf nations for monetary assist, in keeping with a bond prospectus in October.

Saudi Arabia’s Funding Minister Khalid al-Falih was visiting Oman on Sunday to debate alternatives in each Gulf nations, Saudi state information company SPA stated.

The go to follows financial talks earlier this yr after which Saudi Arabia stated it was contemplating creating an industrial zone in Oman, a neighboring nation with a a lot smaller economic system.

Sunday’s go to goals “to consolidate and develop the financial relations and mutual investments between the 2 brotherly nations”, SPA stated.

The Saudi delegation consists of officers from authorities companies and personal sector representatives, it stated.