Oman’s Economic Zones Drive Growth with OMR 21 Billion in Committed Investments
Muscat, The Gulf Observer: The Public Authority for Special Economic Zones and Free Zones (OPAZ) announced during its annual media briefing that cumulative investments in Oman’s special economic, free, and industrial zones reached approximately OMR 21 billion by the end of 2024. This represents a 10 percent increase compared to the investment levels recorded at the end of 2023.
His Excellency Sheikh Dr. [Name], Chairman of OPAZ, revealed that committed investments in the Special Economic Zone at Duqm amounted to OMR 6.3 billion, marking a 5 percent growth. Investments in the free zones collectively reached OMR 6.6 billion, while the industrial cities recorded committed investments of approximately OMR 7.6 billion. Meanwhile, Khazaen Economic City experienced significant growth, with investment volumes increasing by 18.8 percent to exceed OMR 500 million.
In terms of economic impact, His Excellency noted that the contribution of the economic, free, and industrial zones to Oman’s GDP in 2022 stood at 7.5 percent. The total value of exports from these zones surpassed OMR 4.5 billion, accounting for 17.9 percent of the Sultanate’s total exports.
His Excellency also highlighted a notable rise in investor interest, stating, “The number of projects under negotiation grew to 180 over the past year, covering diverse sectors such as medical and pharmaceutical industries, food and fisheries, renewable energy, petrochemicals, and more.”
The Authority continues to expand its development portfolio, with ongoing projects including the Muscat International Airport Free Zone, the Integrated Economic Zone in Al Dhahirah Governorate, and the Raysut Industrial City. These initiatives are aimed at enhancing the Sultanate’s attractiveness as a regional investment hub.
In the area of employment, OPAZ achieved notable progress in workforce nationalization. “In 2024, 3,597 Omani citizens were appointed to projects within the zones, bringing the total number of national workers to over 29,000. This reflects an Omanization rate of 37 percent,” His Excellency stated.
Sustainability remains a key priority. The Authority completed a consultancy study for the development of a renewable energy zone within the Special Economic Zone at Duqm. Additionally, Sur Industrial City launched the Green Belt Project, designed to establish green spaces and contribute to carbon emission reduction in alignment with environmental sustainability objectives.
To streamline investment processes, the Authority has also initiated the unification of investor services through electronic integration with relevant government agencies. Furthermore, it introduced additional incentives, including reductions in rental prices for heavy and medium industrial lands, especially in industrial cities, to enhance investor competitiveness.
The briefing underscores OPAZ’s ongoing commitment to sustainable economic growth, investment facilitation, and national employment in alignment with Oman’s Vision 2040.
