Muscat: The Ministry of Finance and the Saudi Fund for Development (SFD) signed a Memorandum of Understanding (MoU) today in Muscat to finance the construction of the Thumrait Industrial City project.
According to Oman News Agency, the project aims to develop the industrial, logistical, developmental, and social sectors in the Dhofar Governorate by establishing an integrated industrial city equipped with comprehensive infrastructure services in the Wilayat of Thumrait. The initiative is designed to support and encourage the private sector to contribute to the economic development of the Sultanate of Oman.
The project includes the implementation and outfitting of administrative buildings, public services, and facilities, as well as infrastructure works, roads, electrical installations, and the water network. It also involves the construction of two sewage treatment plants and essential city utilities, alongside the provision of engineering consultancy services for the project.
The memorandum was signed on behalf of the Government of the Sultanate of Oman by Sultan Salim Al Habsi, Minister of Finance, and on behalf of the Saudi side by Sultan bin Abdulrahman Al Marshad, CEO of the Saudi Fund for Development. The signing ceremony was attended by Ibrahim Said Bishan, Ambassador of the Kingdom of Saudi Arabia to the Sultanate of Oman.