Oman signs $790 million in industrial investment deals

Oman’s Public Authority for Special Economic Zones and Free Zones (OPAZ) has signed 28 investment agreements totaling more than 304 million Omani rials (approximately $790 million). These agreements fund new projects and expansions across various industrial cities, special economic zones, and free zones to support the country’s economic diversification goals under Oman Vision 2040.

The investments are distributed across several key areas: Madayn-operated industrial cities received approximately 147.6 million rials, including a major steel and iron products factory in Sohar valued at over 112 million rials. Other significant allocations include 58.5 million rials for the Sohar Freezone, 55.08 million rials for the Special Economic Zone at Duqm, 32.95 million rials for the Salalah Free Zone, and over 10.4 million rials for Khazaen Economic City.

OPAZ Chairman Qais bin Mohammed Al Yousef stated that these agreements aim to attract specialized investment, enhance the competitiveness of Oman’s economic zones, and create jobs. The move aligns with Oman’s 11th Five-Year Development Plan (2026-2030), which focuses on boosting non-oil sectors, particularly manufacturing, logistics, and food security.