Omani and Jordanian Special Economic Zones sign development agreement
The Public Authority for Special Economic Zones and Free Zones in Oman and the Aqaba Special Economic Zone Authority in the Hashemite Kingdom of Jordan signed a Memorandum of Understanding (MoU) in the Duqm Special Economic Zone. The MoU aims to promote economic and investment development in special economic zones in both countries.
The MoU was signed on behalf of the Public Authority by Eng. Ahmed bin Hassan Al Dheeb, Deputy Chairman of the Authority, and on behalf of the Aqaba Special Economic Zone Authority by Nayef Hamidi Al Fayez, Chief Commissioner of the Aqaba Special Economic Zone Authority.
The MoU covers cooperation in various areas of mutual economic interest, including attracting investments to special economic zones, exchanging knowledge and expertise on laws, regulations and procedures related to the management, operation, and development of these zones in both countries.
The two parties will explore the possibility of establishing joint projects to enhance and develop cooperation. They will also work together to create an international institutional framework to improve competitiveness and foster collaboration across multiple sectors.
The agreement also covers exchanging expertise in areas such as urban planning, facilities management and creating an attractive investment environment, including smart city applications.
The MoU also focuses on the exchange of data and expertise in the management, financing, implementation and operation of infrastructure projects in accordance with the investment rules in both countries. It highlights cooperation in promoting joint programmes and coordinating participation in regional and international conferences and seminars related to investment activities in special economic zones.
With regard to the logistics sector, the MoU calls for direct and indirect coordination to benefit from transport, storage and distribution facilities, opening new export channels and increasing export volumes from the special economic zones in both countries to regional and international markets at the lowest possible costs. The agreement also seeks to exchange expertise in regulating transport activities in these zones, including logistics and port operations.
It is expected that the coming period will see meetings with Omani and Jordanian investors, as well as local and international business institutions, to showcase the opportunities that this cooperation offers to investors in the special economic zones of Oman and Jordan. The goal will be to attract the maximum possible investment.
On the sidelines of the MoU signing, Nayef Hamidi Al Fayez and his accompanying delegation visited key projects in the area, including Duqm Port, Duqm Dry Dock and the Karwa Automobile Factory.