Since its inception 46 years ago, the Saudi Fund for Development (SFD) has made significant contributions to Oman’s economy by providing financing for various projects in the sultanate. The total amount of funding extended by the fund has exceeded SAR11 billion ($2.9 billion).
As per Sultan Al-Marshad, the CEO of SFD, the Saudi financier has played a pivotal role in supporting a wide range of development projects in Oman since 1977. These projects encompass critical areas such as infrastructure, transportation, education, health, water, and energy.
Read more: Saudi, Oman leaders meet to strengthen trade relations
During an interview with the Oman News Agency (ONA), Al-Marshad conveyed his optimism regarding the ongoing collaborative endeavors between the fund and Oman in advancing their shared development goals.
Additionally, Al-Marshad disclosed that SFD has recently finalized an agreement to offer financial support for the development of infrastructure in the integrated economic zone in Al-Dhahirah. The estimated amount of financing for this project is approximately SAR1.2 billion.
He highlighted that the project’s execution is scheduled to begin in the first quarter of 2024.Â
Al-Marshad underscored the significant role played by the integrated economic zone in Al-Dhahirah in enhancing trade exchanges and fostering the development of high-quality industries. Additionally, it facilitates inter-sector collaborations to streamline the production of goods and products, thereby reducing production and export costs between the two countries.
Furthermore, he elaborated that the fund has designated SAR500 million for the construction of a fish industries complex in the marine fishing port of the Special Economic Zone at Duqm.
Banking deposits growth
The total value of private deposits with commercial banks in Oman increased by 7.3 percent to reach 15.293 billion Omani rials ($40.09 billion) by the end of August 2023, compared to OMR14.24 billion during the same period in 2022.
The monthly statistical bulletin issued by the Central Bank of Oman stated that the total value of these deposits was broken down into OMR5.16 billion for term deposits, OMR5.281 billion for savings deposits, and OMR4.71 billion for demand deposits.
The bulletin further indicated that the total value of deposits was OMR13.408 billion in Omani currency and OMR1.884 billion in foreign currencies.
In terms of banking indicators for Omani commercial banks as a percentage at the end of August, the bulletin stated that the ratio of total cash and clearance to deposits in OMR amounted to 7.2 percent.
Additionally, the ratio of total cash and clearance to total deposits reached 6.1 percent, while the ratio of total loans to deposits reached 109.4 percent.
For more news on banking & finance, click here.
