The CEO of the Saudi Fund for Development, Sultan bin Abdulrahman Al-Murshid, and the Omani Minister of Finance, Sultan bin Salem Al-Habsi, signed a development memorandum of understanding to assist the establishment of the Thumrait Industrial City Project in Oman.
Saudi Arabia contributes to the financing of the project through the SFD, amounting to $40 million. Several officials on both sides were present at the signing ceremony that was also attended by the Saudi Ambassador to Oman, Ibrahim bin Saad bin Bishan.
The purpose of the MoU is to provide the development of the industrial, logistical, developmental, and social sphere within the Dhofar Governorate by creating the integrated Thumrait Industrial City, with a total area of around 3.94 million sq. meters.
The city will be well-facilitated with all the infrastructure services. The project encompasses the building and furnishing of administrative and service buildings and the provision of public facilities. It also comprises road works and electrical installations, water networks, and two wastewater treatment plants.
It will also offer engineering consultancy services; this will be in relation to the anticipated developmental contribution in improving the industrial and service sectors within the governorate.
The CEO of the SFD admitted that this MoU is an indication of the Kingdom’s efforts through the fund to contribute to Oman’s sectors and enhance the close development relationship between the two parties.
This will be done by introducing high-quality projects that will lead to the building of infrastructure and an integrated and stimulating environment within the industrial and logistical operations that will have a positive effect on empowering the private sector and improving economic and social development.
On his part, the Omani Minister of Finance also stressed that this signing is the result of the intention to reinforce the relations of development, economy, and investment, and promote cooperation in different spheres between the two nations.
In an era where the world is splitting apart due to geopolitical tension and perpetual wars, the Saudi Arabia development fund is turning out to be a ray of hope as it still offers soft loans and grants for emerging economies.
It was founded in 1974 and started operations in 1975. The Saudi Fund for Development has funded over 800 development projects in over 100 countries with a cumulative value exceeding $21 billion.
The funding of SFD extends across various sectors, such as health, education, and transport, as well as water and energy, and the focus is to improve the living standards, capacity building, and provide employment opportunities to millions of people in developing countries.
