Page 13 - MEOG Week 05 2023

MEOG NEWS IN BRIEF MEOG

POLICY enhance the competitive advantage of cities An Omani company and Saudi
and economic zones, and develop institutional International Company for Marine Industries
Oman, Saudi Arabia ink 13 capabilities between the two sides in a way signed an agreement to support the marine
industry in the kingdom, and lastly Omani
that achieves mutual benefit.
MoUs across sectors Company and a Saudi company signed an Golden Integration Solutions Company
Siham Development and Investment
and Saudi Specialised Industrial Services
The Sultanate of Oman and the Kingdom agreement worth RO60mn to establish an Company signed an agreement in the field of
of Saudi Arabia signed 13 agreements entertainment project in Muscat. oil and gas services.
and memorandums of understanding Oman’s Tanfeedh for Global Business MUSCAT DAILY
worth millions of rials for investment in and Saudi Clear Vision signed an agreement
various economic and industrial sectors on for cooperation in the field of research,
Wednesday in Riyadh. development and innovation. COMPANIES
The agreements include cooperation The agreement aims to develop factories
and investment in the fields of oil and gas, and businesses and support projects based on Nogaholding gets funding
petrochemicals, renewable energy, green scientific research and innovation for sound
hydrogen, mining, tourism, fish farming, economic returns. from Al Baraka
stock exchange, logistics and transportation. Omani United Investment and
The pacts were signed on the sidelines Development Company and Saudi al Rajhi Bahrain’s Oil and Gas Holding (nogaholding)
of the Omani-Saudi Investment Forum in Holding Group signed an agreement to has announced that it has secured a $200
Riyadh. establish an investment company engaged in million revolving credit facility from a
“This forum is the embodiment of a the fields of oil and gas, logistics, electronic banking syndicate led by Al Baraka Islamic
deep relationship between Oman and Saudi payment, furniture and information Bank. The facility was structured as an Islamic
Arabia, coming together under the theme of technology between the two countries. Murabaha financing scheme.
‘Partnership and Integration’. We have the Voltamp Transformers Oman and The syndicate of lenders include Bahrain
opportunity to create a roadmap that supports Saudi Gulf Laboratory Company signed Islamic Bank (BisB), Khaleeji Commercial
businesses and investments for a prosperous an agreement worth RO5mn in the field of Bank and National Bank of Kuwait (NBK) -
future,” said Khalid al Falih, Saudi Minister of electrical transformer services. Bahrain.
Investment. Delta Green Energy Company and Saudi This comes as nogaholding prepares to
Oman’s Ministry of Finance and the External Consultants Group signed an undergo a strategic transformation, moving
Saudi Fund for Development signed a MoU agreement worth RO4mn to invest in the field from a traditional oil and gas holding
to finance the construction of an integrated of green hydrogen production. company to a progressive and responsible
economic zone in Dhahirah, at a cost of about The agreement aims to prepare economic, energy company, under the leadership of
RO122mn in its first phase. investment and financing studies, and attract His Highness, Shaikh Nasser bin Hamad Al
The 388,000sqm project will include investment partnerships between the two Khalifa, Representative of His Majesty the
the construction of infrastructure, countries. King for Humanitarian Works and Youth
including roads, electrical installations, Visit Oman and Saudi Almosafer Company Affairs, Chairman of nogaholding.
water and sewage network, and industrial signed an agreement worth RO100,000 in the On the agreement, Group CEO Mark
waste treatment, in addition to providing field of travel and tourism. Thomas, said: “As an active contributor
engineering consultancy services for the Oman Construction and Engineering and growth catalyst in the local economy,
project (design and supervision). Company and Tharawat al Manajem of Saudi nogaholding will continue engaging with
The Public Authority for Special Economic signed an agreement to operate and manage leading financial institutions to accelerate the
Zones and Free Zones (OPAZ) signed a mining sites, while Colossal Engineering Kingdom’s energy strategy in line with the
MoU with the Special Economic Cities and and Construction Company and Saudi vision of His Majesty King Hamad bin Isa
Zones Authority of Saudi Arabia in the field Desert Technologies signed an agreement to Al Khalifa and His Royal Highness Shaikh
of economic and investment development to implement solar energy projects in Oman. Salman bin Hamad Al Khalifa, Crown Prince
and Prime Minister, for the sector.”
“Seeking diverse financial solutions for
nogaholding will help support the Company’s
financial plans, and meet our mandates that
are in line with the Kingdom’s Economic
Vision 2030, and the goals set out by His
Royal Highness the Crown Prince during
COP26,” he added.
Al Baraka Islamic Bank CEO Hamad
Abdulla Al Oqab said: “We are delighted to
sign this agreement with the main developer
and investor in the Kingdom’s energy sector
to manage one of the largest sharia-compliant
renewable credit facilities in the sector.”
“This step will grant nogaholding the
flexibility in diversifying sustainable financing
sources and applying best practices in

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