Mubasher: The Omani government has approved an OMR 81 million ($210 million) funding from Saudi Arabia to upgrade one of its flagship industrial projects.
The funding, which was provided by the Saudi Fund for Development (SDF), will finance development works at the key Arabian Sea port of Duqm in an effort to establish an industrial zone on its southern coast, according to the official Oman News Agency (ONA).
About OMR 20 million will be allocated for building a road and OMR 61 million will be injected into developing Duqm’s fishing harbour.
Oman is planning to make Duqm a major hub for its fishing and fish processing industries, in addition to establishing an oil refinery and petrochemical complex.
Moreover, the SDF allocated $150 million to support the growth of small firms in Oman, ONA reported, citing Yousef bin Ibrahim Al-Bassam, managing director of the Saudi fund.
