Investment in Oman's special zones and industrial cities rises sharply

Investments in Oman's special economic zones, free zones and industrial cities showed strong growth in the first half of 2024, to break the OMR 20 billion barrier. This represents a 20% increase compared to the same period in 2023.

According to the latest issue of the Duqm Economist Magazine, the Special Economic Zone at Duqm saw remarkable growth of 55%, bringing cumulative investments to OMR 2.1 billion.

The distribution of investments across the regions overseen by the Public Authority for Special Economic Zones and Free Zones shows that OMR 7.5 billion has been allocated to operational industrial cities, while the Salalah Free Zone has attracted OMR 4.6 billion.

The Special Economic Zone at Duqm now hosts investments exceeding OMR 6 billion, while the Sohar Free Zone has recorded investments amounting to OMR 1.3 billion. Investments in the Al Mazunah Free Zone have passed OMR 139 million and cumulative investments in Khazaen Economic City have reached nearly OMR 460 million.

The report also highlights an increase in new commercial registrations, permits, and licences.

By mid-2024, the number of workers in the economic zones, free zones, and industrial cities reached 71,684, with an Omanisation rate of 35%. The industrial cities recorded the highest Omanisation rate, at around 38%.

The Public Authority for Special Economic Zones and Free Zones currently oversees fifteen established zones, including two economic zones and three free zones in Sohar, Salalah, and Al Mazunah, as well as ten operational industrial cities. A further eight zones are under development. These  include the integrated economic zone in Ibri, the free zone at Muscat International Airport and five industrial zones, bringing the total number of zones under the Authority’s supervision to twenty-three.