Saudi Arabia’s Ministry of Investment has signed a Memorandum of Understanding (MoU) with private Oman-based Al Aflaj International Company to establish a manufacturing plant specialising in the production of liquid fertilisers. According to the ministry, the factory’s primary product will provide soluble nutrients to crops and raise agricultural production to $43.98bn (SAR165bn).
The intentions of the agreement are guided by the kingdom’s vision 2030 goals, and aims to make use of Saudi Arabia’s abundance of arable lands and energise its agricultural production to meet domestic and regional demand in the neighbouring Oman and the GCC, and partner nations in Africa.
Mutual Investment
This year, Saudi Arabia has been partnering with Oman on various projects, including an executive program in the field of communications, information technology, and submarine communications cable investment, which takes advantage of the geographical location of both countries and promotes investment in submarine and terrestrial cables that cross between them, creating a shared business environment to strengthen cooperation in telecommunication and information technology infrastructure.
The kingdom’s Saudi Fund for Development (SFD) has also signed a Memorandum of Understanding (MoU) with the Omani Ministry of Finance to fund a $319.8mn (SAR1.2bn) infrastructure project for the Sultanate’s Al Dhahirah Special Economic Zone.
And as of March, the two countries have been officially studying the prospect of building a railway line between Riyadh and Duqm through the Ibri border crossing, which will streamline the transport of goods, and commercial movement.
