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FinancialNews
06-01-18
Oman to receive USD210mln of Saudi financing for top project
(MENAFN) Scoring a deal that could restore confidence in Oman's financial state, it has inked a deal to acquire $210 million of financing from Saudi Arabia for one of its main industrial initiatives.
According to the official Oman News Agency (ONA), the Saudi Fund for Development is to provide the funds aiming to support labor at the location of constructing an industrial zone in Duqm.
After being struck with shrunk oil prices, Oman has run roughly an $8 billion state budget shortfall. In 2011, Saudi Arabia long with other prosperous Gulf States assured Oman to receive $10 billion of aid, even though the finance has come bit by bit as a mere fraction has been disbursed.
MENAFN0601201800450000ID1096316597
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