RIYADH: Saudi Arabia has signed an agreement with Oman to build a $40 million industrial city in the Gulf state aimed at enhancing industrial capacity, attracting investment, and deepening economic ties between the two countries.
Saudi Fund for Development (SFD) CEO Sultan Al-Marshad and Oman’s Minister of Finance Sultan Al Habsi signed a memorandum of understanding (MoU) on behalf of their governments, the Saudi Press Agency (SPA) reported on Monday.
The memorandum of understanding aims to develop the industrial and logistics sectors in Oman’s Dhofar Governorate through the establishment of a fully integrated industrial city spanning approximately 3.94 million square metres.
The project will feature comprehensive infrastructure, including administrative and service buildings, public facilities, road networks, electricity and water systems, two wastewater treatment plants, and engineering consultancy services.
Al-Marshad said the MoU reflects the Kingdom’s commitment to supporting Oman’s development sectors and strengthening bilateral development cooperation between the two countries.
Saudi Arabia and Oman maintain close and steadily expanding relations rooted in shared regional interests, economic cooperation, and mutual respect for sovereignty.
Bilateral ties have strengthened in recent years through increased trade, investment, and coordination on regional stability and development initiatives.
The two countries have deepened their ties through expanded economic cooperation, infrastructure development, and cross-border investment initiatives.
