The Saudi Fund for Development (SFD) has recently formalized a financial support pact with the Oman Development Bank (ODB), dedicating $67 million towards the bolstering of small and medium enterprises (SMEs) within the Sultanate of Oman. This deal forms a segment of a larger $150 million assistance package pledged by the Kingdom of Saudi Arabia to its neighbor through the fund.
During a formal ceremony held at the ODB’s headquarters, officials from both nations executed the financing agreement. Saeed Al-Qahtani, Director of Financial Operations and the Saudi contingent’s co-chair, as well as Zahir Al-Abri, Director General of Treasury for Oman’s Ministry of Finance and the Omani committee’s co-chair, were present to sign the agreement. The ODB was represented by its CEO, Hussain Al-Lawati, who signed on the bank’s behalf.
The primary objective of this agreement is to propel the ODB’s efforts in funding SMEs, thereby stimulating socio-economic advancement and job creation across Oman’s states and governorates. Notably, the ODB stands as a key governmental body in Oman, charged with the mission of facilitating financial services to micro, small, and medium-sized enterprises within the sultanate.