The Saudi Fund for Development (SFD) and Oman have taken a major step toward enhancing regional industrial cooperation, as SFD CEO Sultan Al-Marshad and Oman’s Minister of Finance Sultan Al Habsi signed a memorandum of understanding (MoU) to establish a new industrial city in Oman, with $40 million in funding provided by Saudi Arabia through the SFD.
The agreement outlines plans to transform the Dhofar Governorate into a hub for industrial and logistical development. The proposed industrial city will span approximately 3.94 million square meters and will feature a fully integrated infrastructure network. Planned facilities include administrative and service buildings, public amenities, extensive road networks, electricity and water supply systems, and two wastewater treatment plants. The project will also engage specialized engineering consultancy services to ensure state-of-the-art design and operational standards.
Sultan Al-Marshad emphasized that the MoU reflects Saudi Arabia’s commitment to supporting Oman’s economic growth and advancing bilateral development cooperation. He noted that the project aligns with regional efforts to strengthen industrial capacity, create job opportunities, and foster sustainable development in key sectors of the Gulf region.
This initiative not only enhances Oman’s industrial and logistical capabilities but also reinforces the long-standing partnership between the two neighboring countries, showcasing a shared vision for economic diversification and infrastructure advancement.
