Saudi Arabia and Oman have signed an executive program in the fields of communications, IT infrastructure, and investments in undersea cables, to aid in the development of the digital economy,
The agreement was signed between the Kingdom’s Ministry of Communications and Information Technology and Oman’s Ministry of Transport, Communications and Information Technology in the presence of Saudi Arabia’s Abdullah Al-Swaha and Oman’s Said bin Hamoud Al-Ma’awali.
According to the Saudi Press Agency, the program aims to take advantage of the two countries’ favorable geographic conditions and encourage investment in the submarine and terrestrial cables that run through them.
It will establish a unified working environment to improve collaboration in the fields of communications and information technology infrastructure, as well as high-speed digital interconnection for data exchange.
The executive program also aims to increase investment in international data centers and cloud services that target a regional presence in order to maximize advantage for the region, as well as possibilities for implementing regional digital connection through investment organizations and licensed businesses.
The Saudi-Oman Investment Forum and Exhibition included a range of strategies for advancing the two Gulf countries’ long-term economic cooperation in the investment and industrial sectors.
The Saudi Ministry of Investment welcomed a senior Omani delegation, which resulted in the signing of 13 memorandums of understanding in a variety of industries, including biochemicals, energy, mining, financial investment, logistics, maritime transport, and information technology, among others.
The agreements made at the event highlight the long-standing partnership between Oman and Saudi Arabia, which has recently been stronger thanks to various high-level engagements.
The four-day exhibition highlighted the close economic linkages between the two countries in a number of industries and featured goods and services from small and medium-sized enterprises, including companies from both sides, to encourage investment opportunities.