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Oman’s Khazaen Economic City investment hits $821m

Khazaen Economic City site Oman News Agency
The most prominent investment at Khazaen Economic City was in the logistics sector at OMR60 million, with 20 agreements signed

Total investment in Oman’s Khazaen Economic City reached OMR316 ($821 million) by the end of June 2023.

The foreign and local investment value stood at OMR186 million and OMR130 million, respectively, state-owned Oman News Agency reported.

The number of nationalities investing in the city in the first six months of the year hit 16, with 23 projects under construction.

The most prominent investment was in the logistics sector at OMR60 million, with 20 agreements signed.

As many as 10 pacts were inked in the food sector worth OMR87 million.

Meanwhile, 65 contracts were signed in the industrial sector at OMR92 million.

The number of deals in the pharmaceutical sector reached five, with an investment value of OMR77 million.

Last month, Oman announced plans to establish two new free zones in Khazaen Economic City, which is situated in the governorate of South Al Batinah, as part of the Gulf nation’s aim to attract industrial investments and boost economic growth.

The free zones – one for light and medium industries and logistical activities and the other for business and trade – will be supervised by the government-owned Public Authority for Special Economic Zones and Free Zones, the news agency reported, citing a royal decree.