MUSCAT : In its annual media briefing, OPAZ presented the key achievements of 2024, highlighting significant investment growth across major development areas.

His Excellency Sheikh Dr. Al Sunaidy, Chairman of OPAZ, revealed that investment in the Special Economic Zone at Duqm rose to RO 6.3 billion, growing by 5 percent. Free zones across the Sultanate registered a total investment volume of RO 6.6 billion, while industrial cities recorded RO 7.6 billion in committed investments. Khazaen Economic City experienced a remarkable 18.8 percent growth, surpassing RO 500 million.

The Sohar Free Zone witnessed a significant surge, with cumulative investment doubling from RO 600 million in 2023 to over RO 1.3 billion in 2024. This surge was driven in part by the successful attraction of a major polysilicon factory project valued at over half a billion Omani riyals, aimed at supporting the solar panel industry.

The zones’ contribution to the national economy remains significant. As of 2022, the zones contributed 7.5 percent to GDP, while exports from these areas exceeded RO 4.5 billion, accounting for 17.9 percent of Oman’s total exports.

Employment generation also saw a positive trend in 2024, with 3,597 new Omani citizens appointed in active projects. The total number of national workers rose to over 29,000, pushing the Omanisation rate to 37 percent among the approximately 78,000 workers, including service providers.

OPAZ also achieved a 75 percent beneficiary satisfaction rate, 86 percent in digital transformation, 95 percent in government commitment, and an impressive 97.5 percent rating under the institutional excellence system for 2024.

His Excellency further pointed out that 180 projects are currently under negotiation across sectors including pharmaceuticals, food and fisheries, petrochemicals, and renewable energy—reflecting strong investor confidence and diversification of the investment landscape.

For all the latest news from Oman and GCC, follow us on Twitter, Instagram and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.