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The Saudi Fund for Development (SFD) in Oman has finalized a $67 million (Dh246 million) agreement with the Oman Development Bank. This strategic partnership aims to provide essential financing support to emerging businesses and catalyze job opportunities across Oman’s entrepreneurial landscape.

The deal, part of a broader $150 million (Dh550 million) investment initiative by the Saudi fund, emphasizes the significance of empowering Omani youth and fostering economic growth through entrepreneurship. Through soft financing mechanisms, aspiring entrepreneurs will receive the necessary resources to fuel their ventures and contribute to Oman’s socio-economic progress.

According to reports from the state-run Oman News Agency, the agreement underscores the shared commitment to spur economic development and social advancement in Oman. By facilitating access to funding, the initiative seeks to stimulate innovation, drive business expansion, and ultimately, address the pressing issue of youth unemployment in the country.

This investment comes in the wake of Oman’s proactive efforts to cultivate a thriving startup ecosystem. In January, the country launched a substantial $5.2 billion (Dh19 billion) fund dedicated to promoting local small- and medium-sized enterprises (SMEs), further signaling its commitment to fostering entrepreneurship and attracting investment.

Through strategic collaborations and targeted investments, Oman aims to unleash the potential of its burgeoning startup ecosystem, positioning itself as a hub for innovation, job creation, and economic diversification in the region.