Latest news with #OPAZ
Times of Oman
2 hours ago
- Business
- Times of Oman
Oman officially joins World Free Zones Organization
Muscat: The Public Authority for Special Economic Zones and Free Zones (OPAZ) has officially joined the World Free Zones Organization (World FZO), which is dedicated to supporting and developing free and economic zones worldwide. This membership aligns with the Authority's ongoing efforts to enhance the competitiveness of the special economic zones, free zones, and industrial cities under its supervision. It opens new avenues to promote them internationally as leading investment destinations characterized by flexibility, readiness, and advanced infrastructure, reflecting Oman's commitment to strengthening the global presence of its economic zones. By joining the World FZO, the Authority aims to create more opportunities for knowledge exchange and the adoption of best practices with elite international partners. It also seeks to improve operational efficiency, develop promotional and marketing tools, and support efforts to attract high-quality investments and projects with significant added value. Through this international partnership, the Authority intends to expand its economic network and leverage global trends in the management and development of special economic zones, free zones, and industrial cities. It is worth noting that Oman currently operates 23 special economic, free, and industrial zones, with cumulative investments reaching approximately RO 21 billion by the end of 2024. The World Free Zones Organization includes over 1,600 zones and economic institutions from more than 140 countries.
Observer
2 days ago
- Business
- Observer
OPAZ named Best Service Outlet in Muscat Governorate for 2024
BUSINESS REPORTER MUSCAT, JULY 29 For the second year in a row, the Public Authority for Special Economic Zones and Free Zones (OPAZ) has won the award for Best Service Outlet in Muscat Governorate for the year 2024. The award is conferred upon government entities participating in the Institutional Excellence System, in recognition of the Authority's continuous efforts to enhance service quality and strengthen its position in global competitiveness indicators. Dr Ahmed bin Saif al Ma'amari, Acting Customer Services Manager Department at the Authority, stated: "This honour reflects the Authority's commitment to implementing the standards of the Institutional Excellence System, which is one of the key pillars for achieving the goals of Oman Vision 2040. It also reinforces a culture of continuous improvement in the work environment to ensure the delivery of high-quality and efficient services that meet the expectations of investors and beneficiaries." The selection of the Authority was based on the results of surveys and indicators measuring client satisfaction. OPAZ affirms its ongoing efforts to enhance institutional excellence, adopt best practices in service delivery, and achieve top performance levels through innovation and continuous improvement. OPAZ implements high-efficiency practices to serve investors in the special economic zones, free zones, and industrial cities, including: Integrated service representatives, A one-stop platform for all services, continuous care service for investors, strategic project account supervisors, continuous service improvement, comprehensive approvals for strategic projects, fast and defined timelines for request processing, an interactive communication centre, instant approvals to start projects.
Zawya
23-07-2025
- Business
- Zawya
Kuwait's Combined Group lands $240mln GCC contracts
Kuwait-based Combined Group Contracting Company has announced that it has secured new contracts in UAE and Oman worth a total KD73.3 million ($240 million) which will be completed within a two-year period. In the UAE, the company snapped up the construction and upgradation contract for Emirates Road - all the way from Al Bade'a Intersection to E55 Intersection. The KD57 million contract was awarded by the Ministry of Energy & Infrastructure, said CGC in a statement. In Oman, the company secured the construction contract for the coastal road at Duqm Coastal & Central Business District (CBD) Roads at Duqm. The KD16.3 million project was awarded by Public Authority for Special Economic Zones and Free Zones (OPAZ). Earlier this year, the Combined Group Contracting said that it had been awarded contracts worth AED1.01 billion ($275.8 million) in UAE. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
22-07-2025
- Business
- Zawya
Oman: EZAD, anchoring investments for a diversified future
Oman's economic landscape is undergoing a profound transformation guided by Vision 2040, the Sultanate of Oman's strategic roadmap towards a diversified, knowledge-driven economy. Central to this vision is the Al Dhahirah Economic Zone (EZAD), a flagship initiative that reflects Oman's commitment to redefining its economic narrative and deepening regional integration within the GCC. EZAD is more than just an economic zone; it is a symbol of visionary policy, geographic advantage, and sustainable development. Situated in the Al Dhahirah Governorate, just 20 kilometers from the Rub Al Khali border crossing with Saudi Arabia, EZAD strategically positions Oman as a gateway to the $1.6 trillion GCC market. This proximity enables seamless overland trade, substantially reducing transportation costs and delivery times for businesses accessing the Saudi market and beyond. The newly established direct Oman-Saudi road has already driven a remarkable 350% increase in bilateral trade between 2022 and 2024, reaching nearly RO 2.18 billion. This momentum underscores the immense potential EZAD holds in enhancing trade flows and industrial collaboration across borders. The Public Authority for Special Economic Zones and Free Zones (OPAZ) plays a pivotal role in steering the development of EZAD. The zone encompasses a total area of 388 km², with OPAZ currently focused on Phase 1A, which spans 7.5 km² as part of the initial urgent development stage. This phase includes essential facilities such as the dry port and a dedicated veterinary quarantine centre. Through a robust regulatory framework and a streamlined 'one-stop shop' service, OPAZ ensures a highly investor-friendly environment. Investors benefit from a suite of competitive incentives including 100% foreign ownership, tax holidays of up to 30 years, duty exemptions on equipment and raw materials, and full repatriation of profits. These advantages firmly position EZAD as a leading investment destination within the Middle East. Aligned with Oman's economic diversification objectives, EZAD is purposefully designed to cultivate sectors beyond hydrocarbons. Key industries targeted include clean and renewable energy, high-precision manufacturing, logistics, and advanced manufacturing that demand sophisticated infrastructure and specialised facilities. EZAD is poised to emerge as a regional logistics hub, featuring a 4 km² dry port managed by Asyad Group on behalf of the Omani government. The first phase of the dry port development covers 1 km² and will include customs facilities, bonded warehouses, and container handling infrastructure. Smart city innovations, such as solar-powered lighting and intelligent traffic management systems, underline the zone's commitment to sustainability and operational efficiency. To support this expansive vision, RO 122 million has been secured for comprehensive infrastructure development, encompassing roads, drainage systems, and connectivity enhancements. Specifically, RO 22.3 million has been allocated for Phase 1, ensuring the foundational infrastructure is in place to catalyse growth and investor confidence. The zone's commitment to empowering local businesses is clear. Contracts stipulate significant subcontracting opportunities for Omani SMEs, with over RO 10 million earmarked for local enterprises. This strategy not only fosters job creation and skill development but also embeds SMEs into regional supply chains, contributing to Oman's broader economic objectives. EZAD exemplifies Oman-Saudi collaboration. A joint executive committee oversees the zone's development, fostering mutual investments, regulatory alignment, and business facilitation. Discussions on establishing a joint Saudi-Omani operating company further solidify this bilateral partnership, reducing investor risks and enhancing regional cooperation. While the zone's primary focus is regional, it actively seeks investments from Asia—particularly China and India—as well as Europe. Oman's stable investment climate, strategic logistics positioning, and connectivity to Gulf and African markets present compelling advantages for international investors. The zone is an ideal base for distribution centres, cold storage facilities, and third-party logistics operations. Diverse investment opportunities await both local and international players. Agro-processing units can leverage Al Dhahirah's agricultural potential, while the veterinary quarantine centre opens pathways in livestock trade. Mining and mineral processing offer prospects to capitalise on Oman's rich natural resources. Financial institutions like Sohar International Bank stand ready to support these ventures through joint ventures and PPP models. To maximise EZAD's potential, strategic enhancements are essential. Improving customs protocols with Saudi Arabia, adopting single-window systems, and integrating digital documentation will streamline cross-border trade. Utility infrastructure, including reliable energy, water, and telecommunications, must be fortified to support industrial activity. OPAZ has also tendered projects for an administrative and commercial complex featuring a hotel, clinic, administration building, business centre and mall. Promotion of EZAD should leverage its unique Oman-Saudi identity. Establishing an annual Al Dhahirah Economic Forum could serve as a dynamic platform to showcase investment opportunities. Additionally, academic and vocational training partnerships will be pivotal in cultivating a skilled workforce tailored to the zone's specialised industries. Facilitating technology transfers and fostering innovation clusters will further elevate EZAD's global competitiveness. In conclusion, the Al Dhahirah Economic Zone stands as a strategic nexus for Oman's economic diversification, regional integration, and global engagement. Its strategic location, investor-friendly policies, comprehensive infrastructure, and deep-rooted Oman-Saudi collaboration make it a beacon of sustainable growth and investment. As Oman advances toward its Vision 2040 goals, EZAD is poised to play a transformative role in shaping a resilient, diversified, and globally competitive economy. Its success will not only benefit Oman but also serve as a testament to the power of visionary leadership, collaborative governance, and shared prosperity.
Observer
21-07-2025
- Business
- Observer
EZAD: Anchoring investments for a diversified future
Oman's economic landscape is undergoing a profound transformation guided by Vision 2040, the Sultanate of Oman's strategic roadmap towards a diversified, knowledge-driven economy. Central to this vision is the Al Dhahirah Economic Zone (EZAD), a flagship initiative that reflects Oman's commitment to redefining its economic narrative and deepening regional integration within the GCC. EZAD is more than just an economic zone; it is a symbol of visionary policy, geographic advantage, and sustainable development. Situated in the Al Dhahirah Governorate, just 20 kilometers from the Rub Al Khali border crossing with Saudi Arabia, EZAD strategically positions Oman as a gateway to the $1.6 trillion GCC market. This proximity enables seamless overland trade, substantially reducing transportation costs and delivery times for businesses accessing the Saudi market and beyond. The newly established direct Oman-Saudi road has already driven a remarkable 350% increase in bilateral trade between 2022 and 2024, reaching nearly RO 2.18 billion. This momentum underscores the immense potential EZAD holds in enhancing trade flows and industrial collaboration across borders. The Public Authority for Special Economic Zones and Free Zones (OPAZ) plays a pivotal role in steering the development of EZAD. The zone encompasses a total area of 388 km², with OPAZ currently focused on Phase 1A, which spans 7.5 km² as part of the initial urgent development stage. This phase includes essential facilities such as the dry port and a dedicated veterinary quarantine centre. Through a robust regulatory framework and a streamlined 'one-stop shop' service, OPAZ ensures a highly investor-friendly environment. Investors benefit from a suite of competitive incentives including 100% foreign ownership, tax holidays of up to 30 years, duty exemptions on equipment and raw materials, and full repatriation of profits. These advantages firmly position EZAD as a leading investment destination within the Middle East. Aligned with Oman's economic diversification objectives, EZAD is purposefully designed to cultivate sectors beyond hydrocarbons. Key industries targeted include clean and renewable energy, high-precision manufacturing, logistics, and advanced manufacturing that demand sophisticated infrastructure and specialised facilities. EZAD is poised to emerge as a regional logistics hub, featuring a 4 km² dry port managed by Asyad Group on behalf of the Omani government. The first phase of the dry port development covers 1 km² and will include customs facilities, bonded warehouses, and container handling infrastructure. Smart city innovations, such as solar-powered lighting and intelligent traffic management systems, underline the zone's commitment to sustainability and operational efficiency. To support this expansive vision, RO 122 million has been secured for comprehensive infrastructure development, encompassing roads, drainage systems, and connectivity enhancements. Specifically, RO 22.3 million has been allocated for Phase 1, ensuring the foundational infrastructure is in place to catalyse growth and investor confidence. The zone's commitment to empowering local businesses is clear. Contracts stipulate significant subcontracting opportunities for Omani SMEs, with over RO 10 million earmarked for local enterprises. This strategy not only fosters job creation and skill development but also embeds SMEs into regional supply chains, contributing to Oman's broader economic objectives. EZAD exemplifies Oman-Saudi collaboration. A joint executive committee oversees the zone's development, fostering mutual investments, regulatory alignment, and business facilitation. Discussions on establishing a joint Saudi-Omani operating company further solidify this bilateral partnership, reducing investor risks and enhancing regional cooperation. While the zone's primary focus is regional, it actively seeks investments from Asia—particularly China and India—as well as Europe. Oman's stable investment climate, strategic logistics positioning, and connectivity to Gulf and African markets present compelling advantages for international investors. The zone is an ideal base for distribution centres, cold storage facilities, and third-party logistics operations. Diverse investment opportunities await both local and international players. Agro-processing units can leverage Al Dhahirah's agricultural potential, while the veterinary quarantine centre opens pathways in livestock trade. Mining and mineral processing offer prospects to capitalise on Oman's rich natural resources. Financial institutions like Sohar International Bank stand ready to support these ventures through joint ventures and PPP models. To maximise EZAD's potential, strategic enhancements are essential. Improving customs protocols with Saudi Arabia, adopting single-window systems, and integrating digital documentation will streamline cross-border trade. Utility infrastructure, including reliable energy, water, and telecommunications, must be fortified to support industrial activity. OPAZ has also tendered projects for an administrative and commercial complex featuring a hotel, clinic, administration building, business centre and mall. Promotion of EZAD should leverage its unique Oman-Saudi identity. Establishing an annual Al Dhahirah Economic Forum could serve as a dynamic platform to showcase investment opportunities. Additionally, academic and vocational training partnerships will be pivotal in cultivating a skilled workforce tailored to the zone's specialised industries. Facilitating technology transfers and fostering innovation clusters will further elevate EZAD's global competitiveness. In conclusion, the Al Dhahirah Economic Zone stands as a strategic nexus for Oman's economic diversification, regional integration, and global engagement. Its strategic location, investor-friendly policies, comprehensive infrastructure, and deep-rooted Oman-Saudi collaboration make it a beacon of sustainable growth and investment. As Oman advances toward its Vision 2040 goals, EZAD is poised to play a transformative role in shaping a resilient, diversified, and globally competitive economy. Its success will not only benefit Oman but also serve as a testament to the power of visionary leadership, collaborative governance, and shared prosperity. Dr Yousuf Hamed al Balushi The writer is founder and CEO - Smart Investment Gateway, economists, board adviser & business transformation mentor.
