OPAZ Achieves Record Signing Agreements In 2023

OPAZ Achieves Record Signing Agreements In 2023

In 2023, the Public Authority for Special Economic Zones and Free Zones (OPAZ) achieved a milestone by securing record signing agreements, demonstrating a strong dedication to economic growth and progress. By the end of December 2023, cumulative investments had surpassed RO 19.049 billion, solidifying OPAZ's pivotal role in attracting investments and promoting business opportunities in Oman. The Annual Report Summary highlighted an additional RO 3.5 billion in investments, with 1472 investment applications and 334 agreements signed, showcasing the authority's effectiveness in forming strategic partnerships and driving sustainable economic advancement. 

Investments were spread across different zones in 2023, with each zone having a specific number of agreements. Duqm Special Economic Zone attracted investments of RO 2.319 billion with 46 agreements, while Sohar Port and Freezone received investments totaling RO 128.889 million through 10 agreements. Salalah Free Zone saw investments amounting to RO 727.620 million with 8 agreements signed, and Al Mazunah Free Zone recorded investments of RO 1.485 million across 3 agreements, highlighting the diverse investment opportunities within OPAZ's jurisdiction. Additionally, Madayn reported investments of RO 203.358 million and 237 agreements, while Khazaen Economic City secured investments of RO 126.875 million with 30 agreements, demonstrating the authority's extensive impact and successful collaboration with investors.

In addition to focusing on investment initiatives, OPAZ has prioritized enhancing its workforce capabilities, boasting a total of 75,454 employees across supervised zones and an Omanisation rate of 34.8%. This underscores the authority's commitment to nurturing local talent and creating employment opportunities.

The establishment of new economic zones, like the Integrated Economic Zone in Al Dhahirah Governorate and the Al Rawdah Economic Zone, has expanded OPAZ's investment offerings. Ongoing projects such as the Muscat International Airport Free Zone and industrial zones like Mahas Industrial City, Seeh Serya Industrial City, Al Wadi al Kabir Industrial City, and Al Mudhaibi Industrial City highlight the authority's dedication to infrastructure growth and economic diversification.

The successful Duqm First Economic Forum, which attracted over 500 participants in October 2023, showcased OPAZ's efforts in promoting investment prospects and cultivating a favorable business environment in Oman. Through initiatives like the Digital Transformation Programme Plan, OPAZ has harnessed modern technologies to enhance operations and introduce innovative digital services like ChatGPT in AI-based services and the Goods & Shipment Tracking System, ultimately improving efficiency and customer satisfaction.

In 2023, OPAZ solidified key partnerships with entities such as Hydrogen Oman SPC (Hydrom) and Vulcan Green Steel, emphasizing innovative projects in sustainable energy and industrial development. Additionally, memorandums of understanding with esteemed partners like POSCO Energy and bp Oman highlighted OPAZ's dedication to global collaborations and sustainable growth. 

These agreements further demonstrate OPAZ's commitment to driving economic development and prosperity in Oman.


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