Oman Free Zones attract massive green industry investments
20/02/24
Oman's Public Authority for Special Economic and Free Zones (OPAZ) has revealed total invested capital has exceeded OMR 17 billion (USD 44 billion) as of Q2 2023.
Several contributing factors include the provision of dedicated, proactive administrative and technical teams who offer unwavering support to investors. Furthermore, Oman's favourable investment climate, coupled with the availability of land, abundant solar and wind energy resources, robust logistical infrastructure and business friendly regulations provide additional incentives.
In addition, key OPAZ core initiatives include environmental sustainability and a commitment to achieve carbon neutrality by 2050. Such strategies have attracted substantial investments in renewable energy, green hydrogen and green steel.
As a result of these efforts, OPAZ`s industrial cities have witnessed total investment of OMR 7.3 billion (USD 18.96 billion). Further breaking down the figures, Khazaen Economic City has attracted OMR 323 million (USD 838.96 million) last year and Salalah's free zone alone has attracted investments worth OMR 4.5 billion (USD 11.68 billion). Meanwhile, The Special Economic Zone at Duqm SEZAD attracted investments exceeding OMR 4.2 billion (USD 10.9 billion) and both the Sohar Free Zone and Al Mazyouna Free Zones successfully secured investments of OMR 570 million (USD 1.48 billion) and over OMR 139 million (USD 361 million) respectively.
In a bid to further promote the green industries sector, SEZAD recently hosted the Duqm Economic Forum, which witnessed the signing of multiple agreements and memorandums of understanding (MoUs). These involved OQ Group, Shell Development Company, DEME Concessions from Belgium, BP Alternative Energy Investments and Vulcan Green Steel.
In addition, a French – Korean collaboration aims to establish a state-of-the-art green ammonia production plant in Duqm. Annual capacity for production aims to be 1.2 million tonnes, which will enhance economic diversification efforts as well as contribute to Oman's commitment to achieving carbon neutrality.
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