Saudi Arabia Considers Establishing Industrial Zone in Oman

Saudi Arabia Considers Establishing Industrial Zone in Oman

Saudi and Omani officials discussed prospects for cooperation and integration opportunities in the special economic zones in the Kingdom and the Sultanate. (Asharq Al-Awsat)

Saudi Arabia is considering developing an industrial zone in Oman, and the two Gulf states have discussed the possibility in investment talks, the Saudi Press Agency reported.

Saudi and Omani officials met earlier this month to discuss investment opportunities.

Discussions this week tackled "prospects for cooperation and integration opportunities in the special economic zones in the Kingdom and the Sultanate,“ SPA added.

Saudi Arabia is in the midst of an ambitious economic development plan (Vision 2030) to wean the economy off oil, while Oman recently introduced a medium-term plan to rein in its debt that has grown at breakneck pace in recent years.

Both are also keen to attract foreign investment as part of their reform efforts.

"The meeting also discussed studying the possibility of establishing a Saudi industrial zone in Oman, where the Saudi side would develop, operate and manage the zone and build logistical routes to transport goods between Saudi and Omani special economic zones,“ SPA said.

Oman announced Wednesday it will start granting long-term residence visas to foreign investors.

The country has been hit hard by the COVID-19 crisis and the