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The Ministry of Finance of Oman and the Saudi Fund for Development (SFD) have signed a Memorandum of Understanding to finance the Thumrait Industrial City project in Dhofar, aimed at developing an integrated industrial city over 3.94 million square meters. The $40 million funding will support economic diversification and private sector investment, featuring essential infrastructure such as administrative buildings, public facilities, and wastewater treatment plants. The agreement highlights a commitment to strengthening bilateral cooperation in development and investment.