MUSCAT: The Public Authority for Special Economic Zones and Free Zones (OPAZ) has revealed that the total invested capital in Oman's special economic zones, free zones, and industrial cities has exceeded a staggering RO 17 billion as of June 2023. This significant growth, as reported in the 34th edition of the Duqm Economist quarterly magazine by OPAZ, signifies an overwhelming interest in investing in Oman. The remarkable investment climate, coupled with diverse incentives and top-notch facilities, has positioned Oman as a promising destination for investors.
In a relentless effort to assist investors, OPAZ has established proactive administrative and technical teams. These dedicated teams offer unwavering support to investors, expertly guiding them through challenges and ensuring a smooth investment process.
The existing industrial cities have witnessed a splendid influx of investments, surmounting an impressive RO 7.3 billion. Notably, Salalah's free zone alone enticed investments worth a staggering RO 4.5 billion.
Meanwhile, SEZAD attracted investments exceeding RO 4.2 billion, and both the Sohar Free Zone and Al Mazyouna Free Zone successfully secured investments of RO 570 million and over RO 139 million, respectively. Furthermore, Khazaen Economic City accounted for a cumulative investment commitment of RO 323 million by the end of the last quarter of 2023, according to OPAZ's latest statistics.
The relentless pursuit of environmental sustainability and commitment to achieve carbon neutrality by 2050 places the green industries sector at the core of OPAZ's interests. In 2023 and preceding years, OPAZ's concerted efforts bore fruit as it attracted cutting-edge initiatives within the realm of renewable energy, green hydrogen, and green steel. The secret to this success lies in harnessing Oman's favorable investment climate, coupled with the availability of expansive land overseen by OPAZ, abundant solar and wind energy resources, robust logistical infrastructure, and investment-friendly regulations and incentives—all conducive factors essential for project prosperity.
To ignite action and unlock the full potential of the green industries sector, the groundbreaking Duqm Economic Forum, hosted by SEZAD on October 16 and 17, 2023, witnessed the signing of multiple agreements and memorandums of understanding (MoUs).
These pivotal agreements involved high-profile local and international entities, including the likes of OQ Group, Shell Development Company, DEME Concessions from Belgium, BP Alternative Energy Investments, and Vulcan Green Steel.
Additionally, an exciting collaboration between the Engie-Posco consortium, comprising Korean and French companies, aims to establish a state-of-the-art green ammonia production plant in Duqm. With a staggering annual production capacity of up to 1.2 million tons, this ambitious project strives to enhance economic diversification efforts while ensuring Oman's commitment to achieving carbon neutrality.
The Duqm Economic Forum made history as the first of its kind within the Duqm Special Economic Zone, focusing explicitly on investment matters related to the green industries sector, renewable energy, and green hydrogen. This landmark event significantly promoted and highlighted Duqm's pivotal role in spearheading the green industries sector, propelling Oman towards a sustainable and environmentally conscious future.
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