APRIL 12, 2023

KSA and Oman form committee to oversee development of Dhahirah’s economic zone

RIYADH: Saudi Arabia and Oman have formed a committee to oversee the development of the integrated economic zone in Dhahirah.

The committee aims to develop a plan for the development, execution and management of the economic zone in Oman as well as monitor the implementation of all programs and initiatives.

The committee will work towards exchanging successful experiences and practices in the management and operation of economic zones between the two countries. It will also coordinate to hold informative workshops for traders and investors about the zone in both countries.

Oman’s Public Authority for Special Economic Zones and Free Zones, also known as OPAZ, led the decision to form the committee chaired by Ahmed Al-Deeb, deputy chairman of OPAZ.

Other officials from OPAZ are part of the committee as well as members from Saudi Arabia’s Ministry of Investment, Economic Cities and Special Economic Zone Authority and the Saudi Development Fund.

One of the most notable tasks under the committee’s umbrella is to supervise the implementation of a memorandum of understanding signed between OPAZ and the Saudi Economic Cities and Special Economic Zone Authority.

The committee will also supervise the establishment of a Saudi-Omani company that will manage and operate the economic zone.

The economic zone is currently in its first phase of establishment which includes infrastructure, roads, electrical installations, water and sewage networks and industrial waste treatments.

OPAZ aims to contribute to stimulating bilateral trade between Oman and Saudi Arabia as well as enhancing efforts for economic development and diversification by opening new opportunities for the Omani and Gulf economies.

The economic zone in Dhahirah will have a leading role in the development of the governorate and the enhancement of bilateral trade between the two countries.

The zone is expected to have an important role in creating job opportunities for Omanis and attracting Saudi companies to establish their projects in Oman and form economic partnerships in various economic activities.