Muscat – An Omani-Saudi committee has been formed to oversee the development of the Integrated Economic Zone in Dhahirah. The committee will supervise the establishment of an Omani-Saudi company that will manage and operate the economic zone.

The Public Authority for Special Economic Zones and Free Zones (OPAZ) has issued a decision to form the executive committee, chaired by Ahmed bin Hassan al Deeb, Deputy Chairman of OPAZ.

The committee includes several officials of OPAZ and Saudi Arabia’s Ministry of Investment, Economic Cities and Special Economic Zones Authority and the Saudi Development Fund.

The committee is responsible for several tasks, most notably supervising the implementation of a memorandum of understanding signed between OPAZ and the Saudi Economic Cities and Special Economic Zones Authority in the field of economic development for special economic zones and free zones.

The committee will also develop a plan for the development, execution and management of the zone, including all programmes and initiatives, and monitor their implementation.

The committee will work towards exchanging successful experiences and practices in the management and operation of economic zones between the two countries. It will also coordinate to hold informative workshops for traders and investors about the zone in both countries.

Mahmoud bin Hamoud al Rawahi, General Manager of Planning and IT Sector at OPAZ, and a member of the committee, said, “OPAZ has completed the consultancy studies related to the Integrated Economic Zone project in Dhahirah, which has been allocated 388sqkm of investment land. OPAZ has also provided the relevant documents, which support providing the funding required for developing the project’s first phase, covering an area of 20sqkm.”

The first phase includes the establishment of infrastructure, roads, electrical installations, water and sewage networks, industrial waste treatment, and necessary facilities for the zone, in addition to providing engineering consultancy services for the project (design and supervision). “The remaining part of the zone will be developed as part of future expansions to meet the land requirements for all economic sectors in Dhahirah governorate.”

Rawahi confirmed that establishing the land port marks one of the priorities in implementing infrastructure facilities of the Integrated Economic Zone project in Dhahirah. The has been established to maximise the benefits of its strategic location on the border with Saudi Arabia. It is located about 20km from the border crossing of the Empty Quarter with Saudi Arabia and about 100km from the Ibri Industrial City project.

OPAZ aims to contribute to stimulating bilateral trade between Oman and Saudi
Arabia, as well as enhancing efforts for economic development and diversification, opening new opportunities for the Omani and Gulf economies, and drawing on the competitive advantages and attractiveness of the location, a press release stated.

The economic zone in Dhahirah will have a leading role in the development of the governorate and enhancing bilateral trade between the two countries. It is expected that the zone will also have an important role in creating job opportunities for Omanis, and attracting Saudi companies to establish their projects in Oman and form economic partnerships in various economic activities.

© Apex Press and Publishing Provided by SyndiGate Media Inc. (Syndigate.info).