Oman Joins World FZO to Boost Foreign Investment by 2100 Million Omani Rials

Oman has joined the World Free Zone Organization (World FZO), accelerating its efforts to attract foreign investment. This move is part of a broader trend in the Middle East, where countries are increasingly opening up to the global economy. By becoming a member of the World FZO, Oman aims to enhance the competitiveness and influence of its free zones, expand its international cooperation network, and attract more foreign investment.

The World FZO, established in 2014 and headquartered in Dubai, is a non-profit international organization that brings together over a thousand member units from 140 countries. These members include free trade zones, export processing zones, ports, logistics companies, and academic institutions. Through this membership, Oman will gain access to global best practices, improve its operational capabilities, and develop targeted strategies to attract high-value projects.

Oman currently operates 23 special economic zones, free trade zones, and industrial zones. Notable projects include the Sohar Free Zone, the Salalah Free Zone, and the Duqm Special Economic Zone. By the end of 2024, these zones are expected to have attracted a cumulative investment of approximately 2100 million Omani rials, or around 545 million US dollars. These zones offer tax incentives and streamlined customs procedures, making them crucial tools for improving the business environment, expanding exports, and promoting economic diversification.

Oman's move to join the World FZO follows similar initiatives by other Middle Eastern countries, such as the United Arab Emirates and Saudi Arabia. These countries have established free zones that play pivotal roles in their industrial upgrades and trade development. For instance, the Jebel Ali Free Zone and the Khalifa Industrial Zone in the UAE, and the King Abdullah Economic City and the Riyadh Integrated Logistics Zone in Saudi Arabia, have been instrumental in driving economic growth and diversification in their respective countries.

By joining the World FZO, Oman is positioning itself to leverage the global network and expertise of the organization. This membership will enable Oman to share experiences, enhance its operational efficiency, and implement more effective strategies to attract high-value investments. The move is expected to further boost Oman's economic development by attracting more foreign investment and fostering international cooperation.