Over RO 20 billion in investments are drawn to Oman’s special economic zones.

Oman’s industrial cities, free zones, and economic zones expand as investments reach RO 20.1 billion by June 2024.

Muscat: The Public Authority for Special Economic Zones and Free Zones (OPAZ) reported adding RO 1.053 billion in investments in the first half of 2024. The Sohar Free Zone led with RO 711.4 million, followed by industrial cities with RO 175.2 million, and the Salalah Free Zone with RO 131.8 million. These zones, offering perks like tax exemptions, 100% foreign ownership, and digital services, are becoming magnets for investors.

The Duqm Special Economic Zone emerged as a cornerstone, boasting RO 6 billion in investments, alongside developments like the landmark Duqm Refinery and green hydrogen projects such as Acme and Duqm Hyport. Meanwhile, Salalah Free Zone recorded new factories, including Al Namariq Mining and Al Qimma, with investments exceeding RO 23 million collectively.

Khazaen Economic City launched a central market for vegetables and fruits, enhancing Oman’s agricultural exports, while Al Mazunah Free Zone expanded its import-export activities due to its strategic location near Yemen.

In renewable energy, Duqm spearheads green initiatives with projects like Volken Green Iron and Kobe Steel’s reduced iron factory, leveraging solar and wind power to produce green hydrogen and derivatives.

The zones also contributed significantly to job creation, with over 25,550 Omanis employed by mid-2024, pushing the Omanization rate to 35%. The issuance of nearly 1,900 new commercial records, along with environmental and building permits, underscores the vibrant business environment.

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