Riyadh: The Ministry of Finance and the Saudi Fund for Development signed a memorandum of understanding (MoU) to finance the infrastructure construction project for the integrated economic zone in Al Dhahirah Governorate in Oman.
The signing ceremony took place on the sidelines of the Omani-Saudi Investment Forum held in Riyadh.
The MoU serves to consolidate Omani-Saudi economic relations and encourage partnerships between their sectors.
The first phase of the project costs around OMR122 million. The project includes the construction of infrastructure, roads, electrical installations, water and sewage networks, treatment of industrial waste, and the setting up of basic facilities, in addition to providing engineering consultancy services for the project (design and supervision).
The establishment of the integrated economic zone in Al Dhahirah Governorate seeks to maximise benefits from its strategic location on the borders with Saudi Arabia.
The new zone will augment trade exchange between the two countries, attract Saudi companies to set up projects in Oman and consolidate economic partnerships.
It will also cut down the cost of production and export, facilitate the supply of goods and products, attract quality industries and provide new employment opportunities.
The new integrated zone will enhance development efforts and upgrade investments and economic diversification by opening inroads for industries in both countries.
OPAZ already completed studies of the master plan for the development of the integrated economic zone in Al Dhahirah Governorate, scheduled to occupy an area of 388 square kilometres, with options for future expansion of investment lands.
The integrated economic zone in Al Dhahirah Governorate is situated at about 20 km from Al Rub El Khali (Empty Quarter) border checkpoint with Saudi Arabia, at 100-km from Ibri Industrial City.