RIYADH: Saudi Fund for Development has signed a memorandum of understanding with Oman’s Ministry of Finance worth SR1.2 billion ($320 million) to finance the infrastructure development project of the Special Economic Zone in Ad Dhahirah, Oman. The MoU aims to open new horizons of cooperation between the two countries through the establishment of the economic zone which is set to promote economic growth, increase trade, and encourage partnerships, according to a press release. The deal was signed by SFD CEO Sultan Al-Murshid, and the Omani Ministry of Finance represented by Zahri Al-Abri, during the Saudi-Omani Investment Forum being held in Riyadh. Highlighting the importance of collaboration to both nations, Al-Marshad said: "This MoU reflects the long-established historical relations and close partnership between the Kingdom of Saudi Arabia and the Sultanate of Oman. This project will help achieve the two countries" ambitious visions, economic growth, and social prosperity.” he said. Al-Abri praised the Kingdom’s efforts in supporting the development projects and programs in the infrastructure sector through the SDF. The SDF has been working closely with Oman to finance and support various projects including infrastructure, higher education, vocational training, water, and energy.