BUSINESS REPORTER
MUSCAT, OCT 6
The recently published 37th issue of the Duqm Economist magazine reveals that by the end of the first half of 2024, the Sultanate of Oman has seen a remarkable increase in committed investments within its special economic zones, free zones, and industrial cities, surpassing RO 20.1 billion. This marks a 20 per cent rise, translating to an additional RO 3.4 billion compared to the same period in 2023. Last year, the committed investment exceeded RO 1 billion, predominantly fueled by a significant RO 600 million agreement for a polysilicon plant project located in the Sohar Free Zone, which accounted for more than 67 per cent of the total investment.
Notably, the Special Economic Zone at Duqm (SEZAD) has experienced a substantial growth rate of 55 per cent, with cumulative investments reaching RO 2.1 billion. Investment distribution across areas monitored by the Public Authority for Special Economic Zones and Free Zones (OPAZ) reveals RO 7.5 billion allocated to operational industrial cities, while the Salalah Free Zone has attracted RO 4.6 billion. The SEZAD is now home to investments exceeding RO 6 billion, and the Sohar Free Zone has reported investments totaling RO 1.3 billion. Additionally, the Al Mazyunah Free Zone has surpassed RO 139 million, and the Khazaen Economic City has reached a cumulative investment of RO 459.5 million.
The report also highlighted a surge in new commercial registrations, with 1,885 recorded in the first half of the year. The Authority issued 735 public service licenses, 740 activity licenses, and 156 building permits. Work and investor licenses totaled 5,466, accompanied by 15,548 inspection and supervision visits and 191 environmental permits and licences granted.
By mid-2024, the workforce in economic zones, free zones, and industrial cities reached 71,684, with an Omanisation rate of 35 per cent. Industrial cities boasted the highest Omanisation rate at approximately 38 per cent.
To bolster investment attraction, OPAZ has intensified its efforts by implementing a project tracking system via Odoo, facilitating project monitoring, documentation of meetings, and follow-up on requirements. The system includes business management tools, both community and commercial editions. As of last month, 160 projects were registered under execution. The Authority also launched an awareness program in the first half of 2024, attracting 145 applications from companies, with 20 responding positively. Five visits are planned, three of which have already been completed.
OPAZ oversees 15 existing areas, comprising two economic zones and three free zones in Suhar, Salalah, and Al Mazyunah, along with ten operational industrial zones. Additionally, eight areas are under development, including an integrated economic zone in Ibri, a free zone at Muscat International Airport, and five industrial zones, bringing the total areas supervised by OPAZ to 23.
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