Oman: Oman and Saudi Arabia have joined hands to establish a committee tasked with overseeing the progress of the integrated economic zone in Dhahirah.
The committee’s primary goal is to promote the exchange of successful experiences and best practices in managing and operating economic zones between the two nations. Moreover, it will coordinate the organization of informative workshops to enlighten traders and investors about the opportunities available in the zone.
Leading this endeavor is Oman’s Public Authority for Special Economic Zones and Free Zones, also known as OPAZ. Under the chairmanship of Ahmed Al-Deeb, OPAZ’s deputy chairman, the committee includes officials from OPAZ, and representatives from Saudi Arabia’s Ministry of Investment, Economic Cities and Special Economic Zone Authority, and the Saudi Development Fund.
Additionally, among the committee’s responsibilities, overseeing the implementation of an MoU between OPAZ and the Saudi Economic Cities and Special Economic Zone Authority stands out as one of the most significant tasks. Further, the committee will supervise the establishment of a collaborative Saudi-Omani company responsible for managing and operating the economic zone.
Currently, the economic zone is in its initial phase, focusing on the development of essential infrastructure such as roads, electrical installations, water and sewage networks, and industrial waste treatments.
OPAZ’s overarching objective is to stimulate bilateral trade between the Sultanate of Oman and Saudi Arabia while promoting economic growth and diversification. By creating fresh opportunities for both the Omani and Gulf economies, the economic zone in Dhahirah is poised to play a pivotal role in the region’s economic development and the expansion of trade between the two countries.
Furthermore, the economic zone is expected to have a significant impact in creating job prospects for Omani residents, while also attracting Saudi enterprises to initiate their ventures in Oman and foster economic partnerships across diverse industries.