Khazaen Economic City draws RO 300m in investments to date

BUSINESS REPORTER

MUSCAT, JULY 4

Khazaen Economic City, which was established by Royal Decree 44/2023, is a strategic partner for development and a promising new engine of economic growth in the Sultanate of Oman, said Eng. Salem bin Sulaiman al Dhuhli, CEO.

Welcoming the Royal Decree, Al Dhuhli said: “The issuance by His Majesty the Sultan - May God preserve and protect him - The Royal Decree establishing Khazaen Economic City and issuing its system, confirms the sublime support and patronage for this project, and will have the greatest impact on its continued success. The City is an ambitious and promising Omani project with global aspirations, and aims to supplement the economy and contribute to strengthening sources of income and advancing the Omani economy to broader horizons.”I

n a statement to Oman News Agency, he explained that Khazaen Economic City, which is being developed in the Wilayat of Barka in the Governorate of South Al Batinah, is a qualitative and strategic project in the Sultanate of Oman as an integrated economic zone and free zone in partnership with the private sector.

It includes logistical, industrial, commercial, and residential projects, in addition to strategic projects that serve integration in services and business. Covering an area of 52 million square meters, the City includes many logistical and industrial projects, the most prominent of which is the Khazaen Dry Port, which is the first inland port in Oman that connects Khazaen with the rest of the destinations and international markets.

Also key is the Khazaen Central Market for vegetables and fruits, which will capitalize on its strategic location alongside the Al Batinah Expressway and connected to the border crossings,

Khazaen Economic City comes as the major partnership between the public and private sectors in the field of financing, establishing and managing economic zones in Oman.

Al Dhuhli said the Royal Decree grants many powers and facilities, such as: activating the one-stop shop under the management of Khazaen Economic City, the power to sell residential and commercial lands, opening two free zones, the first for light and medium industries and logistical activities, and the other for business and trade, with the granting of facilities for customs and tax exemptions. The decree also ratified the development and usufruct agreement for the city, granting Khazaen Economic City LLC the right to develop and manage the city and the two free zones.

Despite the global economic challenges of the past period, Khazaen has succeeded in pulling in more than 100 investment projects totaling around RO 100 million in value during the past 30 months, he added.