MUSCAT : The Omani Public Authority for Special Economic Zones and Free Zones (OPAZ) has launched a visit to Saudi Arabia to assess the status of collaborative projects between the Authority and the Saudi Economic Cities Authority.
According to ONA, the visit, which was led by a delegation chaired by OPAZ Chairman Dr Ali bin Masoud al Sunaidi, discussed the Integrated Economic Zone project in Al Dhahirah Governorate (EZAD) — a newly established economic zone located just 20 kilometres away from the Saudi-Omani land crossing. They reviewed the various incentives, benefits, and facilitation measures proposed as part of efforts to promote the EZAD project.
Earlier this year, the Sultanate of Oman and the Kingdom of Saudi Arabia signed a Memorandum of Understanding to finance the first phase of the construction of the zone, which spans over 388 square kilometres, at a cost of RO 100 million.
In a visit to Oman last year, Saudi Minister of Commerce, Dr Majid Abdullah al Qasabi, expressed that the establishment of the zone will inevitably boost economic and trade ties between the two nations.
The volume of trade between Oman and Saudi Arabia reached RO 2.7 billion in 2022, representing an unprecedented 123 percent increase compared to the previous year.
The Omani team will also meet with a number of investors and companies interested in expanding their presence in Oman’s economic zones.
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