Latest news with #RO4.5bn
Zawya
15-04-2025
- Business
- Zawya
Exports from Oman's economic zones, industrial cities top $10bln annually
Muscat – The annual value of exports from Oman's special economic zones, free zones, and industrial cities exceeded RO4.5bn, accounting for about 18% of the country's total exports and 38% of its non-oil exports, according to an economic survey conducted by the Public Authority for Special Economic Zones and Free Zones (OPAZ). At its third annual media briefing held on Monday, OPAZ unveiled the results of the survey, which was conducted in mid-2024 in coordination with the National Centre for Statistics and Information (NCSI), targeting enterprises operating within special economic zones, free zones, and industrial cities. The survey also revealed that these zones contributed 7.5% to Oman's GDP in 2022, representing 11.6% of non-oil economic activities for that year. Addressing the media briefing, H E Sheikh Dr Ali bin Masoud al Sunaidy, Chairman of OPAZ, announced that in 2024 the volume of investment in economic zones, free zones, and industrial cities grew by 10% compared to 2023, reaching approximately RO21bn by the end of December 2024. Of this total, RO6.3bn worth of investments were committed to the Special Economic Zone at Duqm, reflecting a 5% increase compared to 2023. Other free zones recorded an investment volume of RO6.6bn by the end of December 2024. The Sohar Free Zone witnessed a significant rise in cumulative investment, doubling from RO600mn at the end of December 2023 to over RO1.3bn by the end of December 2024. This surge was primarily attributed to the successful attraction of the polysilicon factory project, which drew around half a billion Omani rials in investment. The project will supply essential materials for the solar panel industry and other sectors. Industrial cities, which operate under the management of Madayn, reported a committed investment volume of RO7.6bn by December 2024, marking a year-on-year growth rate of 3.3%. Investments in Khazaen Economic City grew by an impressive 18.8%, with total committed investments surpassing RO500mn by the end of December 2024. Special Economic Zones and Free Zones Law A major recent development was the issuance of the Special Economic Zones and Free Zones Law under Royal Decree No 38/2025. The law is intended to boost investor confidence by unifying the legislative framework governing these zones. 'This law will enhance the business environment in economic and free zones, making them more attractive to investors. It includes clear provisions for approvals, incentives, and facilities, and introduces unified income tax exemptions of up to 30 years across all zones, subject to review every ten years,' H E Sunaidy said in his speech. He added that the law also addresses procedures for land and property allocation, grace periods for business activities, regulation of labour licensing, and the temporary import and export of goods to and from the zones. It also facilitates the transfer of projects between zones. 'Moreover, the law includes special provisions for customs administration, outlines the obligations of zone operators, and regulates real estate development within economic zones, including provisions for property ownership,' he said. H E Sunaidy further emphasised that the Omani government, under the wise leadership of His Majesty Sultan Haitham bin Tarik, is committed to enhancing the investment environment, developing economic zones and industrial cities, and economically empowering the governorates. These efforts, he noted, would strengthen the role of special economic and free zones in the near future. 'OPAZ continues to work towards increasing the contribution of economic zones, free zones, and industrial cities to GDP, while also creating direct and indirect employment opportunities,' he added. Speaking on the authority's environmental and sustainability priorities, H E Sunaidy noted that last year OPAZ completed a consultancy study for the development of a renewable energy zone in the Special Economic Zone at Duqm. Additionally, Sur Industrial City launched the Green Belt Project, which aims to create green spaces to reduce carbon emissions. A sustainability plan was also implemented in the Sohar Free Zone, including the establishment of an air quality monitoring network. Simplifying services for investors H E Sunaidy affirmed the authority's commitment to governance within the state's administrative framework and resource management. In line with Royal Directives, OPAZ has begun integrating investor services electronically with relevant government entities to streamline procedures and increase transparency. Rental rates for heavy and medium industrial land were reduced to between 250 and 500 baisas per square metre annually. To further support investors, OPAZ has introduced several initiatives, including reducing project licensing times, re-engineering import and export procedures, and offering additional incentives such as discounted rental rates for new projects in Ibri, Sur, and Mahas Industrial Cities. Rental discounts and exemptions have also been provided during the initial years for new projects in upcoming industrial cities in Mudhaibi, Suwaiq, and Madha. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Muscat Daily
14-04-2025
- Business
- Muscat Daily
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%.
Muscat Daily
14-04-2025
- Business
- Muscat Daily
Exports from Oman's economic zones, industrial cities top RO4.5bn annually
Muscat – The annual value of exports from Oman's special economic zones, free zones, and industrial cities exceeded RO4.5bn, accounting for about 18% of the country's total exports and 38% of its non-oil exports, according to an economic survey conducted by the Public Authority for Special Economic Zones and Free Zones (OPAZ). At its third annual media briefing held on Monday, OPAZ unveiled the results of the survey, which was conducted in mid-2024 in coordination with the National Centre for Statistics and Information (NCSI), targeting enterprises operating within special economic zones, free zones, and industrial cities. The survey also revealed that these zones contributed 7.5% to Oman's GDP in 2022, representing 11.6% of non-oil economic activities for that year. Addressing the media briefing, H E Sheikh Dr Ali bin Masoud al Sunaidy, Chairman of OPAZ, announced that in 2024 the volume of investment in economic zones, free zones, and industrial cities grew by 10% compared to 2023, reaching approximately RO21bn by the end of December 2024. Of this total, RO6.3bn worth of investments were committed to the Special Economic Zone at Duqm, reflecting a 5% increase compared to 2023. Other free zones recorded an investment volume of RO6.6bn by the end of December 2024. The Sohar Free Zone witnessed a significant rise in cumulative investment, doubling from RO600mn at the end of December 2023 to over RO1.3bn by the end of December 2024. This surge was primarily attributed to the successful attraction of the polysilicon factory project, which drew around half a billion Omani rials in investment. The project will supply essential materials for the solar panel industry and other sectors. Industrial cities, which operate under the management of Madayn, reported a committed investment volume of RO7.6bn by December 2024, marking a year-on-year growth rate of 3.3%. Investments in Khazaen Economic City grew by an impressive 18.8%, with total committed investments surpassing RO500mn by the end of December 2024. Special Economic Zones and Free Zones Law A major recent development was the issuance of the Special Economic Zones and Free Zones Law under Royal Decree No 38/2025. The law is intended to boost investor confidence by unifying the legislative framework governing these zones. 'This law will enhance the business environment in economic and free zones, making them more attractive to investors. It includes clear provisions for approvals, incentives, and facilities, and introduces unified income tax exemptions of up to 30 years across all zones, subject to review every ten years,' H E Sunaidy said in his speech. He added that the law also addresses procedures for land and property allocation, grace periods for business activities, regulation of labour licensing, and the temporary import and export of goods to and from the zones. It also facilitates the transfer of projects between zones. 'Moreover, the law includes special provisions for customs administration, outlines the obligations of zone operators, and regulates real estate development within economic zones, including provisions for property ownership,' he said. H E Sunaidy further emphasised that the Omani government, under the wise leadership of His Majesty Sultan Haitham bin Tarik, is committed to enhancing the investment environment, developing economic zones and industrial cities, and economically empowering the governorates. These efforts, he noted, would strengthen the role of special economic and free zones in the near future. 'OPAZ continues to work towards increasing the contribution of economic zones, free zones, and industrial cities to GDP, while also creating direct and indirect employment opportunities,' he added. Speaking on the authority's environmental and sustainability priorities, H E Sunaidy noted that last year OPAZ completed a consultancy study for the development of a renewable energy zone in the Special Economic Zone at Duqm. Additionally, Sur Industrial City launched the Green Belt Project, which aims to create green spaces to reduce carbon emissions. A sustainability plan was also implemented in the Sohar Free Zone, including the establishment of an air quality monitoring network. Simplifying services for investors H E Sunaidy affirmed the authority's commitment to governance within the state's administrative framework and resource management. In line with Royal Directives, OPAZ has begun integrating investor services electronically with relevant government entities to streamline procedures and increase transparency. Rental rates for heavy and medium industrial land were reduced to between 250 and 500 baisas per square metre annually. To further support investors, OPAZ has introduced several initiatives, including reducing project licensing times, re-engineering import and export procedures, and offering additional incentives such as discounted rental rates for new projects in Ibri, Sur, and Mahas Industrial Cities. Rental discounts and exemptions have also been provided during the initial years for new projects in upcoming industrial cities in Mudhaibi, Suwaiq, and Madha.
