MUSCAT: Top officials of Khazaen Economic City marked here on Wednesday, September 20 2023, the fifth anniversary milestone of the conceptualization of Oman’s first-ever integrated economic and free zone development, that has since been garnering sizable investments.
In a post, Kalat al Bulooshi, Chairman – Khazaen EC, recalled meetings of his senior colleagues on this day five years ago when the landmark project was “just an idea crystallising on paper and in the minds of its engineers”.
Five years on, Khazaen EC has strongly positioned itself as a new investment hub in South Al Batinah Governorate just outside the capital city Muscat. Total investments have soared RO 316 million as of end-June 2023, with nearly of this volume comprising foreign investments. As many as 100 project agreements have been signed to date, with investors hailing from around 16 countries globally.
Underscoring the hub’s central appeal as an investment destination for logistics, around 20 logistics-related ventures are operating at Khazaen. But investments have also flowed into food processing (10 projects valued at RO 87 million, industrial sector (65 projects totaling RO 92 million in value) and pharmaceuticals (5 projects with an investment of RO 77 million).
Royal Decree 44/2023, promulgated in July this year, marked a new milestone in Khazaen’s elevation into a full-fledged economic city encompassing a pair of free zones as well. It was also brought under the administrative auspices of the Public Authority for Special Economic Zones and Free Zones (OPAZ).
Located in the Wilayat of Barka, this integrated hub spans 52 million square meters. It encompasses logistical, industrial, commercial, and residential ventures. The Khazaen Dry Port, connecting Khazaen to international markets, and the Khazaen Central Market for vegetables and fruits are standout features.
The city's strategic partnership between the public and private sectors is supported by the Royal Decree, granting it diverse powers and facilities. These include a one-stop shop, land sales, and two free zones catering to various industries.
Khazaen Economic City's evolution from concept to reality stands as a testament to Oman's vision for a thriving economic future. As it celebrates its progress, the city signals Oman's transformation into a hub of economic diversification, innovation, and growth.
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