Oman Joins World Free Zones Organization to Boost Foreign Investment
Membership in the international network aims to improve competitiveness of Oman's free zones, attract more investors.
Riyadh: Oman’s free zones are poised to draw greater foreign investment following its membership in the World Free Zones Organization.
The Public Authority for Special Economic Zones and Free Zones stated that this membership will enhance the appeal of its managed territories, including industrial cities and free zones, by promoting them as flexible and investor-friendly destinations with advanced infrastructure.
Free zones offer businesses advantages like tax exemptions, full foreign ownership, and streamlined customs procedures, aiming to attract investment, boost exports, and support economic diversification.
This move aligns with the growing importance of free zones in Middle Eastern economies.
Hubs such as Dubai's Jebel Ali, Riyadh's Special Integrated Logistics Zone, and Egypt's Suez Canal Economic Zone play pivotal roles in trade and investment.
The Oman News Agency reported that by joining this global network, the authority seeks to broaden its economic relations and leverage the latest trends in managing and developing special economic zones.
In the first half of 2023 alone, Oman’s special economic zones attracted $43.16 billion in investments, driven mainly by projects in Sohar, Salalah, and Duqm.
These achievements highlight the positive impact of OPAZ's efforts and the government's diversification strategy.
By becoming part of an organization that unites over 1,600 zones and economic institutions from more than 140 countries, Oman aims to exchange expertise and strengthen its operational capabilities.
This membership will also aid in improving operational efficiency and developing targeted promotion strategies to attract high-value projects.
Currently overseeing 23 operating special economic zones, free zones, and industrial cities, Oman has seen these areas secure cumulative investments totaling approximately 21 billion Omani rials ($54.5 billion) by the end of 2024.
The World Free Zones Organization is a network of free zones, multinational corporations, and industry stakeholders focused on advancing global trade and investment.
The adoption of this strategy reflects the critical role free zones play in economic diversification and foreign direct investment across the Middle East and North Africa.
Examples include the Jebel Ali Free Zone in the UAE and Saudi Arabia's King Abdullah Economic City, which support national development objectives.