MUSCAT, APRIL 16
Special economic and free zones in Oman have achieved significant and substantial milestones in the growth of the GDP, creating numerous incentives for the national economy. These zones accelerate the pace of foreign direct investments, boost foreign trade with an increase in exports, and stimulate industrial activity.
Globally, there has been a notable acceleration in the growth of special economic zones, with more than 5,000 zones spread across nearly 150 countries. These large numbers reflect the importance of economic zones in expediting development, diversifying the economy, and creating a modern environment associated with these zones. Between 2022 and 2023, the added investment in special economic and free zones in Oman doubled to around RO 3.5 billion.
Special economic zones, free zones, and industrial zones recorded investments of approximately RO 19 billion last year, demonstrating high economic investments in these zones and accelerating interest in infrastructure development. These areas offer a wide range of services, making them highly attractive for housing and living, whether for investors, families, or individuals. These zones have managed to attract a growing number of people who prefer living in or near them due to their fast-paced economic growth, extensive infrastructure development, natural parks and recreational areas, comprehensive hotel facilities, advanced residential locations, modern shopping complexes, and the development of heritage and tourist sites while focusing on nearby beaches and stimulating commercial activities, fostering the growth of medium and small enterprises. As projects expand in special economic and free zones, these areas have attracted various foreign nationalities who prefer living near their workplaces, significantly boosting commercial activities in these zones and encouraging the establishment of service projects and the growth of small and medium-sized enterprises.
The Public Authority for Special Economic Zones and Free Zones oversees integrated infrastructure projects in these areas, such as internal roads, sewage networks, and parks, which enhance residents' living standards. New projects are also underway to improve infrastructure and support substantial investments in these areas, promoting modern living patterns and investment opportunities.
Duqm, a key Special Economic Zone, exemplifies Oman's growth in modern living and attracts various nationalities annually. Investments have reached RO 6 billion by 2023. Duqm blends global economic projects with modern lifestyles, including tourism and residential facilities. Its favorable weather, stunning beaches, and world-class hotels make it a destination for both residents and visitors.
In recent years, Duqm has seen increased investments with the Duqm Refinery and Petrochemical Industries project reaching commercial operation by the end of 2023. The area supports renewable energy projects and green industries, such as green iron and hydrogen production. These investments create a modern, appealing environment, encouraging residents and investors to settle in Duqm.
Other free zones in Oman, such as Sohar, Al Mazunah, and Salalah, saw significant investments last year, totaling around RO 800 million. These zones offer safe living environments with proximity to daily necessities and workplaces. Notable projects include recycling and circular economy initiatives, as well as food, mining, and medical supply ventures. These diverse investments drive modern living and economic growth, portraying these areas as modern oases comparable to global economic zones in developed countries.
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