- Advertisement -
Monday, November 25, 2024
Home News Fleet OPEC Fund for International Development unveils landmark logistics plan for Oman

OPEC Fund for International Development unveils landmark logistics plan for Oman

Sultanate's plans to strengthen the transportation sector to reinforce its credentials as a regional logistics hub

The OPEC Fund for International Development has signed a strategic partnership with Oman to drive development in line with the country’s ambitions to become a major regional logistics hub.

The first joint project, the Alsharqiya Expressway Tunnels Project, is already underway to improve connectivity between the north and eastern regions of the country, the OPEC Fund said in a statement.

The $130 million project is co-financed by an OPEC Fund public sector loan and the Omani government.

The fund said that the project aligns with the Sultanate’s plans to strengthen the transportation sector to reinforce its credentials as a regional logistics hub.

“The Alsharqiya Expressway Tunnels Project is one of a series of investments with this goal in mind, and the OPEC Fund stands ready to provide further support,” the statement added.

As part of the project, two ‘twin-tube’ tunnels have been constructed with a combined length of four kilometres. The tunnels safely bypass a critical floodplain, a major town and an area prone to landslides. The ultimate objective is to provide better access to jobs, markets and public services.

OPEC Fund Director-General Dr Abdulhamid Alkhalifa said: “We are delighted to launch a major development partnership with Oman. It is befitting to mark the beginning of our cooperation with such a landmark project that includes the first-ever tunnels in the country and provides safer travel for over one million people.”

Established in 1976 by the then 13 member countries of OPEC; including the UAE, the Fund is the development finance institution established as a channel of aid to developing countries.

“We look forward to building our partnership and working on many more development projects together,” noted Alkhalifa.

The project aligns with a number of sustainable development goals including SDG 9 on industry, innovation and infrastructure, and SDG 8 on decent work and economic growth. In addition, agriculture and tourism, two key sources of income-generation in the region, will be strengthened, he added.

 

- Advertisement -
- Advertisement -

Most Popular

PlusX Electric advocates for sustainable charging solutions for EVs

Dubai-based PlusX Electric is advocating for the use of ‘more eco-friendly, non-super-fast chargers for electric vehicles (EV)’, stating that there are substantial environmental benefits...

PlusX Electric advocates for sustainable charging solutions for EVs

Dubai-based PlusX Electric is advocating for the use of ‘more eco-friendly, non-super-fast chargers for electric vehicles (EV)’, stating that there are substantial environmental benefits...

AJEX Logistics Services set to expand with new facility at Bahrain Cargo Village

AJEX Logistics Services (AJEX), a prominent express distribution and shipping solutions provider in the Middle East, has signed a Letter of Intent (LOI) with...

HEAT Show 2024: Action-packed HEAT Show opens in Dammam

The HEAVY EQUIPMENT AND TRUCK (HEAT) SHOW has officially opened its doors at the Dharan Expo, bringing together key players in the heavy equipment...

Related News

HEAT Show 2024: Al-Kifah strikes 100 unit ready mix truck deal

XCMG has continued its impressive week at the HEAT Show with a major deal to supply 100 units to Al Kifah, one of the...

PlusX Electric advocates for sustainable charging solutions for EVs

Dubai-based PlusX Electric is advocating for the use of ‘more eco-friendly, non-super-fast chargers for electric vehicles (EV)’, stating that there are substantial environmental benefits...

AJEX Logistics Services set to expand with new facility at Bahrain Cargo Village

AJEX Logistics Services (AJEX), a prominent express distribution and shipping solutions provider in the Middle East, has signed a Letter of Intent (LOI) with...

HEAT Show 2024: Action-packed HEAT Show opens in Dammam

The HEAVY EQUIPMENT AND TRUCK (HEAT) SHOW has officially opened its doors at the Dharan Expo, bringing together key players in the heavy equipment...

HEAT Show 2024: Tata Motors launches first AMT Truck in Saudi Arabia: Prima 4440.S

Tata Motors has unveiled its first-ever Automated Manual Transmission (AMT) truck, the Prima 4440.S AMT, in Saudi Arabia. Based on the brand’s flagship Prima platform,...

LEAVE A REPLY

Please enter your comment!
Please enter your name here