Oman in $790 Million Transactions Across Standard Industrial Areas
JEDDAH: Oman inked 28 investment agreements for projects and expansions in its industrial cities, special economic zones and free zones, worth more than 304 million Omani rials ($790 million).
The lion’s share of the investment, an estimated 147.5 million rials, will go to projects in industrial cities totaling about 756,000 square meters.
These include a steel products facility in Sohar valued at more than 112 million rials, Oman News Agency reported.
Other investments include 58.5 million rials in Sohar Free Zone, 55.08 million rials in Duqm Special Economic Zone, 32.95 million rials in Salalah Free Zone and around 10.4 million rials in Khazaen Economic City.
The accords come as Oman pursues its 11th Five-Year Development Plan for 2026-2030 which intends to diversify the economy, increase private investment and expand non-oil sectors.
The strategy lists manufacturing as a priority growth area with a target growth of 5.9 percent per year, and initiatives to strengthen food security and transport and logistics.
Qais bin Mohammed Al-Yousef, Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ), said the agreements are part of the authority’s efforts to attract high quality investments, diversify the base of specialised economic and industrial projects and enhance the competitiveness of special economic zones, free zones and industrial cities.
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