Kuwait Fund for Arab Economic Development has signed a key agreement with Oman's Public Authority for Special Economic Zones and Free Zones (Opaz) for the financing of the second phase of the internal roads project in the Special Economic Zone at Duqm (Sezad), reported ONA.

The project aims to support economic and social development efforts in the Sezad, develop residential schemes and provide associated facilities and amenities to facilitate transport movement within the plots designated for citizens. 

The scope of the project includes the development of main and secondary road networks through the paving of internal roads in the First and Second Residential Areas and the Industrial Area, said the report. 

The key agreement was signed by Oman Minister of Finance Sultan Salim Al Habsi and Fund's Acting Director General Waleed Shamlan Al Bahar, at a special ceremony held in Duqm.

It was attended by Qais Mohammed Al Yousef, Chairman of the Public Authority for Special Economic Zones and Free Zones along with other officials.

On the deal, Al Bahar said the funding for the implementation of the Phase II of Sezad's Internal Roads project stands at RO 12.4 million.

The implementation of this project is part of a broader effort to enhance the transport system within Sezad, ensure smooth transit between residential and industrial areas, and create an advanced urban environment that keeps pace with the region's rapid economic growth, in line with the strategic objectives of Oman Vision 2040, it added.

"The agreement pertains to financing the second phase of the internal roads project in the commercial district of the Sai district," remarked Eng. Ahmed Hassan Al Dheeb, the Vice Chairman of Opaz.

He confirmed that the Authority has completed all project components, including the preparation of plans and tendering methods, and that technical analysis is currently underway for the bids submitted to execute the project, said the ONA report.

A prime project, it encompasses the implementation of associated infrastructure, such as storm water drainage systems and traffic safety equipment, as well as consultancy services and the relocation of existing utilities, it added.