Oman Achieves 20% Growth in Investment Across Economic and Free Zones

Oman, 08 October, 2024 : Oman has recorded a remarkable 20% growth in total investments in its special economic zones, free zones, and industrial cities during the first half of 2024, surpassing RO20.1 billion. This represents an increase of RO3.4 billion compared to the same period in 2023, according to the October 2024 issue of Duqm Economist Magazine, published by the Public Authority for Special Economic Zones and Free Zones (OPAZ).

The Special Economic Zone at Duqm (SEZAD) achieved the highest growth, with a 55% increase in cumulative investment, totaling RO2.1 billion in new investments for the first half of 2024, bringing its cumulative investment to over RO6 billion. Investments in operational industrial cities reached RO7.5 billion, while the Salalah Free Zone saw investments of RO4.6 billion. The Sohar Free Zone attracted RO1.3 billion, and the Al Mazyunah Free Zone exceeded RO139 million in investments. Khazaen Economic City registered a cumulative committed investment of RO459.5 million.

In the first half of the year, OPAZ reported 1,885 new commercial registrations, alongside 735 public service licenses, 740 activity licenses, and 156 building permits issued. The workforce in Oman’s economic zones, free zones, and industrial cities totaled 71,684 employees, with an Omanisation rate of 35%. 

To further attract strategic investments, OPAZ has implemented a project tracking system through Odoo, which facilitates project management and documentation. As of last month, there were 160 projects in progress, and OPAZ's awareness program saw 145 applications from companies.

OPAZ oversees 23 areas, including two economic zones, three free zones, and 10 operational industrial cities, with additional areas under development to enhance the investment landscape in Oman.

Source : www.zawya.com