Surge in new businesses in Oman's special economic, free, and industrial zones
Published: 05:02 PM,Feb 10,2024 | EDITED : 09:02 PM,Feb 10,2024
The Salalah Free Zone boasts 48 operational companies, contributing significantly to the overall economic landscape.
Muscat: In recent years, the Sultanate of Oman has witnessed a remarkable surge in the number of companies operating in its special economic, free, and industrial zones. According to the Public Authority for Special Economic Zones and Free Zones (OPAZ), the administrator of special economic, free, and industrial zones in Oman, as of the end of 2023, the total count of companies reached an impressive 3,300, contributing to the thriving business landscape of the nation. There are a total of 1,966 existing factories in the special economic, free, and industrial zones in Oman. This unprecedented growth has been fueled by substantial investments, with a total capital of RO 17 billion allocated to these zones.
Among the numerous flourishing zones, the Special Economic Zones at Duqm (SEZAD) has emerged as a major hub for investment and development. With 26 factories established, the zone has attracted RO 6 billion worth of investments, serving as a testament to its irresistible potential. This impressive figure includes both existing projects, amounting to RO 4.2 billion, as well as ongoing investments worth RO 1.8 billion, which encompass several integral projects such as the renowned Jindal Steel Project.
However, Duqm is not the only zone witnessing continuous progress and expansion. Other strategic zones such as the Salalah Free Zone, Al Mazyunah Free Zone, Madayn, Sohar Free Zone, and Khazaen Economic City have also experienced substantial growth. The Salalah Free Zone, for instance, boasts 48 operational factories, contributing significantly to the overall economic landscape. Similarly, the Al Mazyunah Free Zone houses five factories, each making valuable contributions to the region's prosperity.
Madayn, an affiliate of OPAZ focusing on the management of industrial cities, comprises the bulk of the investment, with an astounding 1,840 factories already established. This thriving industrial zone has attracted a sizable portion of the total capital, further enhancing the Sultanate of Oman's economic prowess. Additionally, the Sohar Free Zone hosts 40 factories engaged in a variety of sectors, thus diversifying the economic activities within the region. The newly established Khazaen Economic City, with 7 factories , is in its early stages of development, showcasing immense potential for future growth and prosperity.
The Sultanate of Oman's commitment to fostering investments is evident through collaborations between OPAZ and other government bodies. These partnerships have resulted in lucrative negotiations for prominent projects, set to be announced in the near future. As a result, the Sultanate of Oman will continue to attract more investors, further bolstering its economic landscape.
Among the numerous flourishing zones, the Special Economic Zones at Duqm (SEZAD) has emerged as a major hub for investment and development. With 26 factories established, the zone has attracted RO 6 billion worth of investments, serving as a testament to its irresistible potential. This impressive figure includes both existing projects, amounting to RO 4.2 billion, as well as ongoing investments worth RO 1.8 billion, which encompass several integral projects such as the renowned Jindal Steel Project.
However, Duqm is not the only zone witnessing continuous progress and expansion. Other strategic zones such as the Salalah Free Zone, Al Mazyunah Free Zone, Madayn, Sohar Free Zone, and Khazaen Economic City have also experienced substantial growth. The Salalah Free Zone, for instance, boasts 48 operational factories, contributing significantly to the overall economic landscape. Similarly, the Al Mazyunah Free Zone houses five factories, each making valuable contributions to the region's prosperity.
Madayn, an affiliate of OPAZ focusing on the management of industrial cities, comprises the bulk of the investment, with an astounding 1,840 factories already established. This thriving industrial zone has attracted a sizable portion of the total capital, further enhancing the Sultanate of Oman's economic prowess. Additionally, the Sohar Free Zone hosts 40 factories engaged in a variety of sectors, thus diversifying the economic activities within the region. The newly established Khazaen Economic City, with 7 factories , is in its early stages of development, showcasing immense potential for future growth and prosperity.
The Sultanate of Oman's commitment to fostering investments is evident through collaborations between OPAZ and other government bodies. These partnerships have resulted in lucrative negotiations for prominent projects, set to be announced in the near future. As a result, the Sultanate of Oman will continue to attract more investors, further bolstering its economic landscape.