Saudi Arabia to Provide Oman With Rare Grant to Develop Port Hub
Investors look at a model of the proposed dock in Duqm, Oman, on May 24, 2016.
Photographer: Mohammed Majoub/AFP/Getty Images
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Oman has accepted a $210 million grant from Saudi Arabia to fund two projects at its flagship Arabian Sea port of Duqm, a rare agreement between two countries that often differ on some of the Middle East’s biggest disputes.
The funding, to be provided by the Saudi Development Fund, will finance a 61-million-rial ($158 million) fishing facility and a road costing 20 million rials, state-run Oman News Agency reported Thursday. Oman wants to develop Duqm into a major hub, and is building a 230,000 barrel per day oil refinery there with Kuwait.