Article

The Ministry of Finance of Oman and the Saudi Fund for Development (SFD) signed a Memorandum of Understanding to finance the Thumrait Industrial City project in Dhofar. The project aims to develop industrial, logistical, and social sectors by creating an integrated industrial city over 3.94 million square metres.

It includes administrative buildings, public facilities, internal roads, electricity and water systems, and two wastewater treatment plants. The $40 million funding from Saudi Arabia is intended to enhance economic diversification and encourage private sector investment. The MoU was signed by Oman's Minister of Finance, Sultan Salim Al Habsi, and SFD CEO, Sultan bin Abdulrahman Al Marshad, with an emphasis on strengthening bilateral cooperation in development and investment.