Saudi Fund for Development chief executive Sultan Al-Marshad and Oman’s Minister of Finance Sultan Al Habsi signed a memorandum of understanding to support the development of an industrial city in Oman, funded by Saudi Arabia through a $40 million allocation.
Under the agreement, the Saudi Fund for Development will finance the establishment of an integrated industrial city in the Dhofar Governorate. The project will cover about 3.94 million square metres and is intended to support industrial and logistical activity in the region.
According to officials, the planned city will include administrative and service buildings, public facilities, internal road networks, electricity and water systems, two wastewater treatment plants and engineering consultancy services.
Al-Marshad said the agreement reflects Saudi Arabia’s support for Oman’s development priorities and its interest in strengthening development cooperation between the two countries.