Oman's Ministry of Finance and the Saudi Fund for Development (SFD) have signed a memorandum of understanding (MoU) to finance the construction of the Thumrait Industrial City project.

The project aims to develop the industrial, logistical, developmental, and social sectors in Oman's the Dhofar Governorate by establishing an integrated industrial city equipped with comprehensive infrastructure services in the Wilayat of Thumrait, while supporting and encouraging the private sector to contribute to the economic development of the Sultanate, said an Oman News Agency report.

The project encompasses the implementation and outfitting of administrative buildings, public services, and facilities, as well as infrastructure works, roads, electrical installations, and the water network. It also includes the construction of two sewage treatment plants and essential city utilities, in addition to the provision of engineering consultancy services for the project.

A Saudi Press Agency report said the Kingdom, through the SFD, will fund $40 million for the project.

The MoU was signed on behalf of the Government of Oman by Sultan Salim Al Habsi, Minister of Finance, and on behalf of the Saudi side by Sultan bin Abdulrahman Al Marshad, CEO of the Saudi Fund for Development.

The signing ceremony, held in Muscat, was attended by Ibrahim Said Bishan, Ambassador of Saudi Arabia to Oman.