Muscat: During its annual media briefing, the Public Authority for Special Economic Zones and Free Zones announced that total investments in economic, free, and industrial zones reached approximately OMR 21 billion by the end of 2024, reflecting a 10 percent increase compared to the end of 2023.
His Excellency Sheikh Dr. Chairman of the Public Authority for Special Economic Zones and Free Zones stated, "By the end of 2024, committed investments in the Special Economic Zone at Duqm rose to OMR 6.3 billion, marking a 5 percent growth. In the free zones, investments increased to OMR 6.6 billion. The industrial cities saw a committed investment volume of around OMR 7.6 billion, while Khazaen Economic City experienced an impressive growth of 18.8 percent, surpassing OMR half a billion."
He further noted that the contribution of economic, free, and industrial zones to the GDP in 2022 was 7.5 percent, with exports from these zones exceeding OMR 4.5 billion, accounting for 17.9 percent of the total export value in the Sultanate of Oman.
His Excellency highlighted that the number of projects currently under negotiation has risen to 180 across various sectors, including medical and pharmaceutical, food and fisheries, renewable energy, petrochemicals, and more.
"The Authority is actively working on the development of new economic and free zones, as well as industrial cities, such as the Muscat International Airport Free Zone, the Integrated Economic Zone in Al Dhahirah Governorate, and Raysut Industrial City."
In the past year, 3,597 Omani citizens were hired for projects in these areas, bringing the total number of national workers to over 29,000, with an Omanization rate of 37 percent.
In the last year, the Authority finalized a consultancy study for the initiative to establish a renewable energy zone within the Special Economic Zone at Duqm. Additionally, Sur Industrial City has embraced the Green Belt Project, which aims to create green spaces that help lower carbon emissions and support the region's environmental sustainability plan.
His Excellency further noted that the Authority has proactively worked to streamline services for investors by electronically connecting with pertinent government agencies. This effort is designed to simplify processes, enhance transparency, and provide additional incentives for investors, such as lowering rental costs for heavy and medium industrial lands, particularly in urban areas.
