Muscat – The Ministry of Finance and the Saudi Fund for Development (SFD) signed a memorandum of understanding on Monday to finance the Thumrait Industrial City project in Dhofar, marking a new step in economic cooperation between Oman and Saudi Arabia.

The project will establish an integrated industrial city in Thumrait aimed at enhancing industrial and logistics capacity in Dhofar. Officials said the development is designed to support economic diversification and create an environment that encourages private sector investment.

Planned works include administrative and service buildings, public facilities, internal roads, electricity and water networks, and other core infrastructure. The project also will include two wastewater treatment plants and provision of engineering consultancy services.

The MoU was signed by H E Sultan bin Salim al Habsi, Minister of Finance, and Sultan bin Abdulrahman al Murshid, CEO of SFD. The signing was attended by H E Ibrahim bin Saad bin Bishan, Ambassador of Saudi Arabia to Oman.

H E Habsi said the agreement reflects the two countries’ intention to expand cooperation in development, economic and investment fields and promote partnerships across sectors.

SFD stated that the memorandum is part of its efforts to support development projects in Oman and to strengthen bilateral cooperation through infrastructure projects that support industrial and logistics activities, while enabling private sector participation and contributing to economic and social development.

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