OPAZ achieves record signing agreements in 2023
Published: 04:06 PM,Jun 10,2024 | EDITED : 08:06 PM,Jun 10,2024
Khazaen Economic City received investments amounting to RO 126.875 million with 30 agreements, showcasing the Authority's wide-reaching impact and successful collaboration with investors.
MUSCAT, JUNE 10
The Public Authority for Special Economic Zones and Free Zones (OPAZ) achieved record signing agreements in 2023, reflecting a robust commitment to economic growth and development. With cumulative investments reaching over RO 19.049 billion by December 2023, OPAZ solidified its position as a key player in attracting capital and fostering business opportunities in Oman. According to its Annual Report Summary, the year saw an additional RO 3.5 billion in investments, with a notable 1472 investment applications and the signing of 334 agreements, underscoring the authority's success in building strategic partnerships and driving sustainable economic progress.
Investments in 2023 were distributed across various zones, each accompanied by a specific number of agreements. In Duqm Special Economic Zone, investments amounted to RO 2.319 billion with 46 agreements sealed. Sohar Port and Freezone witnessed investments totaling RO 128.889 million through 10 agreements, while Salalah Free Zone attracted RO 727.620 million with 8 agreements signed. Al Mazunah Free Zone saw investments of RO 1.485 million across 3 agreements, highlighting diverse investment opportunities within OPAZ's jurisdiction. Furthermore, Madayn recorded investments of RO 203.358 million and 237 agreements, while Khazaen Economic City received investments amounting to RO 126.875 million with 30 agreements, showcasing the authority's wide-reaching impact and successful collaboration with investors.
In addition to investment initiatives, OPAZ focused on enhancing its manpower capabilities, with a total of 75,454 employees within the supervised zones and an Omanisation rate of 34.8%, emphasising the authority's dedication to local talent development and employment opportunities.
The establishment of new economic zones, such as the Integrated Economic Zone at Al Dhahirah Governorate and the Al Rawdah Economic Zone, added to OPAZ's portfolio of investment destinations. Moreover, ongoing developments like the Muscat International Airport Free Zone and industrial zones including Mahas Industrial City, Seeh Serya Industrial City, Al Wadi al Kabir Industrial City and the Al Mudhaibi Industrial City demonstrated the authority's commitment to infrastructure expansion and diversification of economic activities.
The successful hosting of the Duqm First Economic Forum, which drew over 500 participants in October 2023, exemplified OPAZ's role in promoting investment opportunities and fostering a conducive business environment in Oman. Through initiatives like the Digital Transformation Programme Plan, OPAZ leveraged modern technologies to streamline operations and introduce new digital services, such as the ChatGPT in AI-based services and the Goods & Shipment Tracking System, enhancing efficiency and customer experience.
Key agreements in 2023 included partnerships with entities like Hydrogen Oman SPC (Hydrom) and Vulcan Green Steel, focusing on innovative projects in sustainable energy and industrial development. Memorandums of understanding with esteemed partners like POSCO Energy and bp Oman further showcased OPAZ's global collaborations and commitment to driving sustainable growth and development.
As OPAZ continues to advance its investment strategies and foster economic prosperity, the authority's achievements in 2023 illuminate Oman's position as a vibrant hub for innovation, investment, and business excellence.
The Public Authority for Special Economic Zones and Free Zones (OPAZ) achieved record signing agreements in 2023, reflecting a robust commitment to economic growth and development. With cumulative investments reaching over RO 19.049 billion by December 2023, OPAZ solidified its position as a key player in attracting capital and fostering business opportunities in Oman. According to its Annual Report Summary, the year saw an additional RO 3.5 billion in investments, with a notable 1472 investment applications and the signing of 334 agreements, underscoring the authority's success in building strategic partnerships and driving sustainable economic progress.
Investments in 2023 were distributed across various zones, each accompanied by a specific number of agreements. In Duqm Special Economic Zone, investments amounted to RO 2.319 billion with 46 agreements sealed. Sohar Port and Freezone witnessed investments totaling RO 128.889 million through 10 agreements, while Salalah Free Zone attracted RO 727.620 million with 8 agreements signed. Al Mazunah Free Zone saw investments of RO 1.485 million across 3 agreements, highlighting diverse investment opportunities within OPAZ's jurisdiction. Furthermore, Madayn recorded investments of RO 203.358 million and 237 agreements, while Khazaen Economic City received investments amounting to RO 126.875 million with 30 agreements, showcasing the authority's wide-reaching impact and successful collaboration with investors.
In addition to investment initiatives, OPAZ focused on enhancing its manpower capabilities, with a total of 75,454 employees within the supervised zones and an Omanisation rate of 34.8%, emphasising the authority's dedication to local talent development and employment opportunities.
The establishment of new economic zones, such as the Integrated Economic Zone at Al Dhahirah Governorate and the Al Rawdah Economic Zone, added to OPAZ's portfolio of investment destinations. Moreover, ongoing developments like the Muscat International Airport Free Zone and industrial zones including Mahas Industrial City, Seeh Serya Industrial City, Al Wadi al Kabir Industrial City and the Al Mudhaibi Industrial City demonstrated the authority's commitment to infrastructure expansion and diversification of economic activities.
The successful hosting of the Duqm First Economic Forum, which drew over 500 participants in October 2023, exemplified OPAZ's role in promoting investment opportunities and fostering a conducive business environment in Oman. Through initiatives like the Digital Transformation Programme Plan, OPAZ leveraged modern technologies to streamline operations and introduce new digital services, such as the ChatGPT in AI-based services and the Goods & Shipment Tracking System, enhancing efficiency and customer experience.
Key agreements in 2023 included partnerships with entities like Hydrogen Oman SPC (Hydrom) and Vulcan Green Steel, focusing on innovative projects in sustainable energy and industrial development. Memorandums of understanding with esteemed partners like POSCO Energy and bp Oman further showcased OPAZ's global collaborations and commitment to driving sustainable growth and development.
As OPAZ continues to advance its investment strategies and foster economic prosperity, the authority's achievements in 2023 illuminate Oman's position as a vibrant hub for innovation, investment, and business excellence.