Saudi fund invests $67 million in Omani start-ups

Dubai: The Saudi Fund for Development (SFD) in Oman signed $67 million (Dh246 million) deal with the Oman Development Bank to enhance employment of Omani youths.

The agreement will help finance startups and create more job opportunities in Oman.

This deal is part of a larger $150 million (Dh550 million) investment provided by the Saudi fund, which extends loans to aspiring Omani entrepreneurs.

“The agreement aims at generating more employment opportunities for Omani youth by providing soft financing for economic and social development projects,” according to a report by the state-run Oman News Agency.

In January, Oman launched a $5.2 billion (Dh19 billion) fund to encourage more investment in local small- and medium-sized enterprises.