Muscat – Oman recorded an impressive 20% growth rate in total investments in the country’s special economic zones, free zones, and industrial cities during the first half of 2024 compared to the same period a year ago.

Total investments in special economic zones, free zones, and industrial cities exceeded RO20.1bn by the end of the first half of 2024, reflecting a rise of RO3.4bn compared to the first half of 2023, according to a report published in the October 2024 issue of Duqm Economist Magazine, a quarterly publication by the Public Authority for Special Economic Zones and Free Zones (OPAZ).

These investments are distributed across areas in Oman under the supervision of OPAZ.

The Special Economic Zone at Duqm (SEZAD) achieved the highest year-on-year growth of 55% in cumulative investment, with new investments amounting to RO2.1bn in the first half of this year. The cumulative investment in SEZAD has surpassed RO6bn mark, according to the report.

Total investment in operational industrial cities in Oman amounted to RO7.5bn, while total investments in the Salalah Free Zone reached RO4.6bn by the end of the first half of 2024. In the Sohar Free Zone, investments reached RO1.3bn, and in the Al Mazyunah Free Zone, investments exceeded RO139mn. Additionally, the cumulative committed investment in Khazaen Economic City reached RO459.5mn by the end of the first half of the year.

The report indicated that the number of new commercial registrations in the areas overseen by OPAZ in the first half of the year reached 1,885. The authority issued 735 public service licenses, 740 activity licenses, and 156 building permits. Additionally, 5,466 work and investor licenses were issued, and the number of inspection and supervision visits totaled 15,548. Furthermore, 191 environmental permits and licenses were granted.

Over 71,000 employees

The number of employees in the sultanate’s economic zones, free zones, and industrial cities reached 71,684, according to data from the Ministry of Labour up to the first half of 2024. The Omanisation rate stands at 35% of the total workforce, with industrial cities having the highest Omanisation rates at 38%.

OPAZ has intensified its efforts to attract more strategic investments to the areas under its supervision. It has adopted a project tracking system through Odoo, which helps identify project stages, document meetings, and follow-up on project requirements. The system also includes a suite of business management tools, with both a community edition and a commercial edition.

Last month, the total number of projects under execution registered in the system was 160. Additionally, the authority launched its awareness programme in the first half of 2024. A total of 145 companies applied, with 20 companies responding to the application requests.

OPAZ oversees 15 existing areas: two economic zones, three free zones in Sohar, Salalah, and Al Mazyunah, and 10 operational industrial cities. Additionally, there are eight areas under development, including an integrated economic zone in Ibri, Dhahirah Governorate; an economic zone in Al Rawda, Buraimi Governorate; a free zone at Muscat International Airport; and five industrial cities. This brings the total number of areas under OPAZ’s supervision, including both operational and developmental phases, to 23.

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