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RIYADH: The Saudi Fund for Development has contributed over SR11 billion ($2.9 billion) to Oman’s economy since initiating financing for projects in the sultanate 46 years ago. 

According to the fund’s CEO Sultan Al-Marshad, the Saudi financier has supported numerous development projects in Oman since 1977, covering areas such as infrastructure, transportation, education, health, water, and energy. 

In an interview with the Oman News Agency, Al-Marshad expressed optimism about the ongoing collaborative efforts between the fund and Oman in advancing their development goals. 

Furthermore, Al-Marshad revealed that the fund has recently concluded an agreement to provide financing for the construction of infrastructure within the integrated economic zone in Al-Dhahirah, with an estimated amount of approximately SR1.2 billion.  

He emphasized that the project’s implementation will commence in the first quarter of 2024. 

Al-Marshad emphasized that the integrated economic zone in Al-Dhahirah plays a crucial role in enhancing trade exchanges and establishing high-quality industries. It also promotes inter-sector partnerships to facilitate the production of goods and products, ultimately reducing production and export costs between the two nations. 

Additionally, the CEO of the SFD explained that the fund has allocated SR500 million for the establishment of a fish industries complex in the marine fishing port of the Special Economic Zone at Duqm. 

Banking Sector 

The total value of private deposits with commercial banks in the Sultanate increased by 7.3 percent to reach 15.293 billion Omani rials ($40.09 billion) by the end of August 2023, compared to 14.24 billion rials 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 term deposits amounting to 5.16 billion rials, savings deposits amounting to 5.281 billion rials, and demand deposits amounting to 4.71 billion rials. 

The bulletin further indicated that the total value of deposits was 13.408 billion rials in Omani currency and 1.884 billion rials 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 Omani rials 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.