Saudi, Oman sign MoU for industrial city
Saudi-funded agreement aims to develop Thumrait Industrial City, boosting industry, logistics and infrastructure in Oman’s Dhofar region
RIYADH, Saudi Arabia (MNTV) — Saudi Arabia and Oman have signed a development memorandum of understanding to support the establishment of the Thumrait Industrial City Project in southern Oman, reinforcing bilateral economic and development cooperation.
The agreement was signed by Saudi Fund for Development (SFD) Chief Executive Sultan bin Abdulrahman Al-Murshid and Omani Minister of Finance Sultan bin Salem Al-Habsi. The project will be financed by Saudi Arabia through the SFD with funding of $40 million.
The signing ceremony was attended by Saudi Ambassador to Oman Ibrahim bin Saad bin Bishan, along with senior officials from both countries, according to Arab News.
Under the MoU, the integrated industrial city will be developed in Oman’s Dhofar Governorate, covering an area of approximately 3.94 million square meters. The project is designed to strengthen industrial, logistical, developmental and social sectors in the region.
Plans for the city include comprehensive infrastructure services, administrative and service buildings, public facilities, road networks, electrical installations and water systems, as well as the construction of two wastewater treatment plants. Engineering consultancy services will also be provided as part of the project.
Al-Murshid said the agreement reflects the Kingdom’s commitment, through the SFD, to supporting development sectors in Oman and deepening the long-standing development partnership between the two countries.
He added that the project would help create a stimulating environment for industrial and logistical activities, empower the private sector and support sustainable economic and social growth.
Al-Habsi said the MoU underscores Muscat’s desire to strengthen economic, developmental and investment relations with Riyadh, and to expand cooperation and partnerships across multiple sectors.
Founded in 1974 and operational since 1975, the Saudi Fund for Development has financed more than 800 projects in over 100 countries, with total funding exceeding $21 billion.
Its support spans sectors including health, education, transport, water and energy, aimed at improving living standards, building capacity and generating employment in emerging economies.
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