Investment in Oman's zones surges 10% to RO21bn
Muscat – Total investment in Oman's special economic zones, free zones and industrial cities recorded robust year-on-year growth of 10% to RO21bn by the end of 2024, according to figures released by Public Authority for Special Economic Zones and Free Zones (OPAZ) on Monday.
Addressing OPAZ's third annual media briefing, Dr Ali bin Masoud al Sunaidy, Chairman of OPAZ, said 2024 witnessed notable increase in committed local and foreign investments in economic and free zones. He highlighted the contribution of these zones in achieving the goals of Oman Vision 2040. Infrastructure projects across various zones were expanded and new initiatives were launched to promote innovation, sustainability and transition to renewable energy, he stated.
According to a survey conducted by OPAZ in mid-2024, the contribution of special economic zones, free zones and industrial cities to Oman's GDP reached 7.5% in 2022. The value of exports from these zones exceeded RO4.5bn, accounting for 17.9% of Oman's total exports and 38% of the country's non-oil exports in 2022.
Sunaidy noted that the number of projects under negotiation rose to 180 across various sectors, including medical and pharmaceutical industries, food and fisheries, renewable energy-related industries and petrochemicals. Of these, 12% are being pursued in partnership with Invest Oman Lounge and National Negotiation Team. Dr Ali bin Masoud al Sunaidy, Chairman of OPAZ
In line with priorities of economic diversification and fiscal sustainability, Sunaidy affirmed that OPAZ is pressing ahead with development of new special economic zones, free zones and industrial cities. In 2024, a consultancy contract was awarded for a detailed design and supervision of infrastructure facilities in Phase 1 of Integrated Economic Zone in Dhahirah.
Design work for new industrial areas is scheduled to begin this year to prepare these for incoming investors.
Emphasising OPAZ's strong focus on boosting employment within the zones, Sunaidy stated that a total of 3,597 Omani citizens were employed in 2024 in projects operating within special economic zones, free zones and industrial cities, taking the total number of Omani workers to over 29,000 and Omanisation rate to 37%.
The overall workforce in these zones increased to around 78,000 by the end of 2024, up from 75,000 in 2023, including service providers. Industrial cities recorded the highest share of Omani workers with Omanisation rate exceeding 40%.
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