Muscat: Kuwait Fund for Arab Economic Development (KFAED) has signed a loan agreement with the government of Oman to jointly finance a road project in the Special Economic Zone at Duqm (SEZAD). The agreement, which involves a KD 10 million (USD 32.7 million) loan, was signed by Omani Minister of Finance Sultan Al-Habsi and KFAED's Acting Director General Waleed Al-Bahar, with the presence of Chairman of the Omani Public Authority for Special Economic Zones and Free Zones, Qais Al-Yousef.
According to Kuwait News Agency, the project has a total cost of approximately KD 14.6 million (around USD 47.8 million). KFAED's loan will cover around 68.5 percent of the project's total cost, while the government of Oman will finance the remaining portion. The project aims to be completed by 2027 and is designed to enhance the economic and social development of Oman, particularly in SEZAD, by establishing an integrated road network.
The Special Economic Zone at Duqm is located in the Al Wusta Governorate, 550 square kilometers from the capital Muscat. Covering an area of 2,000 square kilometers, it is the largest economic zone in the Middle East and North Africa. The zone includes various economic, tourism, and service development areas such as a multi-purpose port, a dry dock for ship repairs, a fishing port, a regional airport, and various tourist, industrial, and logistical areas.