Saudi Arabia considers developing industrial zone in Oman

Saudi Arabia is in the midst of an ambitious economic development plan - Vision 2030 - to wean the economy off oil

  
Image used for illustrative purpose. Muscat is the largest city in Oman and the center of government and business.

Image used for illustrative purpose. Muscat is the largest city in Oman and the center of government and business.

Getty Images/John Seaton Callahan

DUBAI - Saudi Arabia is considering developing an industrial zone in Oman and the two Gulf states have discussed the possibility in investment talks, the Saudi state news agency SPA reported.

Saudi and Omani officials met earlier in the month to discuss investment opportunities and discussions this week were around "prospects for cooperation and integration opportunities in the special economic zones in the kingdom and the sultanate," SPA said on Wednesday.

Saudi Arabia is in the midst of an ambitious economic development plan - Vision 2030 - to wean the economy off oil, while Oman recently introduced a medium-term plan to rein in its debt that has grown at breakneck pace in recent years.

Both are keen to attract foreign investment as part of their reform efforts.

"The meeting also discussed studying the possibility of establishing a Saudi industrial zone in Oman, where the Saudi side would develop, operate and manage the zone, and build logistical routes to transport goods between Saudi and Omani special economic zones," SPA said.

(Reporting by Yousef Saba Editing by Robert Birsel) ((Yousef.Saba@thomsonreuters.com; +971562166204; https://twitter.com/YousefSaba))


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