Saudi Arabia enhances cooperation with Oman as PIF signs MoU with OIA 

Saudi Arabia has a strong economic relationship with Oman (Shutterstock)
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Updated 27 July 2023
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Saudi Arabia enhances cooperation with Oman as PIF signs MoU with OIA 

RIYADH: Saudi Arabia’s trade and economic relationship with Oman is set to be enhanced after leading institutions from the two countries signed a memorandum of understanding.

The Kingdom’s Public Investment Fund inked the deal with the Oman Investment Authority in a move that will help PIF and its portfolio companies unlock investment opportunities in the Gulf nation.  

Saudi Arabia’s economic relationship with Oman has always been strong, and in 2022 trade between both nations surged by 123 percent compared to the previous year to reach $7.01 billion.

“The MoU represents a significant milestone in PIF’s and OIA’s strategic partnership as it aims to expand PIF’s portfolio in Oman, building on the recent establishment of the Saudi Omani Investment Co., a PIF-wholly owned company, which intends to invest up to $5billion in promising sectors in Oman,” the fund said in the press release.  

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123%

Saudi Arabia’s economic relationship with Oman has always been strong, and in 2022 trade between both nations surged by 123 percent compared to the previous year to reach $7.01 billion.

The press statement added that SOIC recently closed its first deal in Oman as a 20 percent anchor investor in Abraj Energy Services’ initial public offering.

“PIF aims to create long-term strategic partnerships in the region that support the creation of sustainable returns, deliver value to local economies, maximize PIF’s assets, and diversify the Saudi Arabian economy in line with Vision 2030,” said Yazeed Al-Humied, deputy governor and head of Middle East and North Africa Investments at the fund.  

He added that the MoU represents a significant step which will strengthen the relationship between PIF and OIA, ultimately helping the Kingdom's sovereign wealth fund to expand its investment footprint in the Omani economy.  

“This MoU builds on our existing relationship with PIF and enables greater cooperation, driving economic diversification in Saudi Arabia and Oman,” said Mulham bin Basheer Al-Jarf, deputy president for investment at OIA.  

He added that the MoU is in line with the efforts of the OIA to increase foreign direct investments in accordance with the goals outlined in Oman Vision 2040.  

With Vision 2040, Oman aims to diversify its economy by catalyzing growth in sectors like tourism, logistics and manufacturing as well as fisheries and mining, along with increasing foreign investments in the sultanate.  

Al-Jarf added that the MoU will also strengthen the partnership between private sector companies operating in Oman and Saudi Arabia.  

PIF has been making strategic investments in several countries across the globe, in line with the economic diversification strategy outlined in the Kingdom’s Vision 2030.  

In January, data released by the Sovereign Wealth Fund Institute revealed that PIF has maintained the sixth spot in the list of top sovereign wealth funds worldwide, with assets worth $607.42 billion.  

Currently, the sovereign fund owns 73 companies in 10 different sectors, and it has already created more than 500,000 direct and indirect jobs. 


Using space science to protect Saudi Arabia’s environment

Updated 02 January 2026
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Using space science to protect Saudi Arabia’s environment

  • Kingdom is harnessing satellite technology to forecast disasters, boost agriculture

RIYADH: Learning space science has delivered significant environmental benefits worldwide, helping many countries better understand and manage climate challenges. 

Saudi Arabia is now taking steps not only to explore the galaxy but also to invest in future generations who can apply space science to pressing environmental issues at home.

Last November, the Space Academy, part of the Saudi Space Agency, launched a series of seminars designed to enhance knowledge and develop skills in space science and technology, with a particular focus on Earth observation.

Running for nearly a month, the program formed part of a broader strategy to nurture national talent, raise scientific awareness, and build data capabilities that support innovation and research across the Kingdom.

Developing space sector can eventually help reduce some of the critical climate issues such as drought and air pollution. (AFP)

As efforts to strengthen the sector continue, important questions remain: How can space science translate into tangible environmental benefits? And how large is the global space economy?

In an interview with Arab News, Fahad Alhussain, co-founder of SeedFord, highlighted the scale of the opportunity and its environmental impact.

“To be frank, the slogan that we always use in space is that ‘saving the Earth from the space.’ It is all about this,” Alhusain told Arab News.

“You can recall a lot of related environmental issues like global warming, related to forests, related to the damage that happens to the environment. Without space, it would be almost impossible to see the magnitude of these damages.”

According to Alhussain, satellites have transformed how experts observe environmental changes on Earth, offering a comprehensive view that was previously impossible.

“By collecting data and using satellites… You can better analyze and measure so many things that help the environment,” said Fahad Alhussain. (Supplied)

He said that “the transformation of technology allows even the non-optical ways of measuring, assessing, and discovering what is going on in the environment … you can even anticipate fire before it happens in the forest.”

“You can detect the ice-melt down, you can get huge amount of information and can see it through the weather maps…there is a huge section in the economy for the environment,” Alhussain commented.

A 2022 report by Ryan Brukardt, a senior partner at McKinsey & Company, published by McKinsey Quarterly, found that more than 160 satellites currently monitor Earth to assess the impacts of global warming and detect activities such as illegal logging.

Brukardt cited NASA as an example of how advanced satellite tools are used to track environmental changes, including shifts in ocean conditions, cloud cover, and precipitation patterns. He also noted that satellite data can help governments determine when immediate action is needed, particularly in response to wildfires.

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Did You Know?

  • Satellites collect massive amounts of data, and AI is used to help interpret this information more efficiently and predict future outcomes.
  • The global space economy surpassed $600 billion in 2024 and is projected to exceed $1 trillion by 2030.
  • Saudi Arabia has established three key entities: the Supreme Space Council, the Saudi Space Agency, and the Communications, Space, and Technology Commission.

Beyond disaster response, satellites offer vital insights for agriculture. According to Brukardt’s report, scientists can use space-based data to monitor crop development and anticipate threats to harvests, such as drought or insect infestations.

These wide-ranging applications explain the rapid growth of the global space economy. 

According to World Economic Forum research, the sector is projected to reach $1.8 trillion by 2035, nearly tripling from $630 billion in 2023.

A deeper understanding of space and its applications offers Saudi Arabia, and the world, better tools to anticipate climate challenges, protect ecosystems, and safeguard biodiversity. (Supplied)

For Saudi Arabia, expanding space science capabilities could help address the country’s arid conditions by monitoring desertification and identifying sources of air pollution. Early detection of droughts, heatwaves, and crop stress could support more effective environmental planning and response.

Space-based data could also play a critical role in tracking environmental changes in the Red Sea and surrounding coastal ecosystems, strengthening marine conservation efforts and supporting the Sustainable Development Agenda.

As Alhussain emphasized, advancing knowledge in space science and satellite technology enables experts to measure environmental damage accurately and predict disasters before they occur, allowing for more effective responses.

By investing in space science education and research, the Kingdom can build national expertise, strengthen environmental protection policies, enhance food and water security, and contribute to global efforts to combat climate change—while also benefiting from the rapidly expanding space economy.

Ultimately, a deeper understanding of space and its applications offers Saudi Arabia, and the world, better tools to anticipate climate challenges, protect ecosystems, and safeguard biodiversity.

“By collecting data and using satellites, you can better analyze and measure so many things that help the environment,” said Alhussain.
“There will be patterns where you can warn people, scientists and decision makers to do something about it.”