Oman Gets Funding from Saudi Arabia to Develop Duqm Port

Saudi Arabia is to provide USD 201 million grant to Oman that will be used for two development projects at the Port of Duqm, Kuwait News Agency (KUNA) reported. 

As informed, the Saudi Fund for Development and the Omani government have signed two memoranda of understanding (MOUs) for financing the projects.

The first grant, worth OMR 20 million (USD 51.8 million) will be used for financing a road from the middle to the south of A’Duqm city.

With the second funding, amounting to OMR 61 million (USD 158.2 million), Oman intends to finance the fishing harbor in Duqm.

Darwish al-Balushi, Omani Minister of Finance explained that the grants will help develop the Special Economic Zone in Duqm (SEZD) and increase the capacity of the fishing harbor.

The funding is part of developing economic cooperation between Saudi Arabia and Oman and the joint program for the development of Gulf Cooperation Council (GCC) states.

Under its development plan, the Port of Duqm, located on the southeastern seabed of Oman, is poised to become an integrated center for multimodal logistics services.

The Port of Duqm is managed by Port Duqm Company SAOG, a joint venture between the Omani government and Belgium’s Port of Antwerp.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Offshore Energy Exhibition and Conference (OEEC) 2020

The three-day event includes an exhibition where an expected 600+ supply chain companies…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >