Muscat: The Omani Ministry of Finance and the Saudi Fund for Development (SFD) have signed a memorandum of understanding (MoU) to support the project of establishing an industrial city in Oman through funding from SFD worth USD 40 million.

According to Qatar News Agency, the memorandum is intended to develop industrial, logistical, development, and social sectors in Dhofar Governorate, through the establishment of the integrated Thumrait Industrial City over an area estimated at almost 3.94 million square meters, outfitted with all essential infrastructure services.

The project includes constructing and equipping administrative and service buildings, as well as public utility facilities, in addition to electrical extensions and water grids, and establishing two sewage treatment plants.

In addition, the project will provide engineering consulting services, demonstrating the projected development impact in boosting the industrial city and utilities in the Governorate.