Reuters are reporting that a group of Chinese investors have signed an agreement to build an industrial park at Oman's southern port of Duqm.
The Omani government is attempting to develop the area around Duqminto into a major business zone as part of efforts to diversify the economy beyond oil.
The industrial park deal could provide a big boost to that project and reduce pressure on Omani state finances.
Planned investments include a cement plant.
Yahya al-Jabri, chairman of the Omani state authority developing Duqm, predicted the 1172-hectare industrial park would attract US$10 billion of investment by 2022, including US$370 million which the Chinese side would spend on infrastructure.
Edited from source by Joseph Green. Source: Reuters