Muscat: The Public Authority for Special Economic Zones and Free Zones (Opaz) has decided to establish an executive committee, led by Eng. Ahmed bin Hassan Al Deeb, Opaz Deputy Chairman, to oversee the development project of the Integrated Economic Zone in Al Dhahirah Governorate.
The group is made up of a number of Opaz officials as well as representatives from the Saudi side, including the Saudi Development Fund, Economic Cities and Special Economic Zones Authority, and the Ministry of Investment.
You will be interested on: Business Setup in Oman Free Zone
The committee is in charge of a number of duties, chief among them being the oversight of the execution of the memorandum of understanding in the area of special economic zone and free zone economic growth that was signed between Opaz and the Saudi Economic Cities and Special Economic Zones Authority. The committee will also create a strategy for the creation, administration, and management of the project for the Integrated Economic Zone in Al Dhahirah, which will include all programmes and initiatives as well as monitoring their performance. The committee will also be in charge of setting up the Omani-Saudi company that will run the Al Dhahirah Integrated Economic Zone.
The group will aim to facilitate successful best practises and experiences in managing and running economic zones between the two nations. Additionally, it will oversee the holding of educational workshops regarding the zone for investors and merchants in both nations.
Opaz has finished the consultancy studies for the Integrated Economic Zone project in Al Dhahirah Governorate, which has been given 388 square kilometres of investment land, according to Mahmoud bin Hamoud AlRawahi, General Manager of Opaz Planning and IT Sector and a member of the committee. The necessary documentation, which supports granting the money necessary for developing the project’s first phase, which will cover a 20 sq. km. area, has also been submitted by Opaz. In addition to providing engineering consultation services for the project (design and supervision), this phase entails the creation of infrastructure, roadways, electrical installations, water and sewage networks, industrial waste treatment facilities, and other necessary facilities for the zone. To meet the land requirements for all economic sectors in the Al Dhahirah Governorate, the remaining portion of the zone will be developed as future additions.
Keep reading: Business Setup Process in Oman
Al Rawahi reaffirmed that building the land port is one of the top priorities for constructing the Integrated Economic Zone project’s infrastructure facilities in the Al Dhahirah Governorate. The Zone was created to make the most of its advantageous location along the Saudi Arabian border. It is roughly 20 kilometres from the Empty Quarter’s Saudi Arabian border crossing and about 100 kilometres from the Ibri Industrial City project. Opaz intends to support efforts for economic growth and diversification, increase bilateral trade between Oman and Saudi Arabia, create new opportunities for the Omani and Gulf economies, and capitalise on the region’s competitive advantages and allure.
The Al Dhahirah Integrated Economic Zone will be crucial in utilising the advantages of its position, as well as in the growth of the Al Dhahirah Governorate and the expansion of bilateral trade between the two nations. According to Oman Vision 2040’s goals, it is anticipated that the zone will play a significant role in generating job opportunities for Omani citizens as well as luring Saudi businesses to set up shop in Oman and building business alliances across a range of industries.