Muscat – The board of directors of Oman’s Public Authority for Special Economic Zones and Free Zones (OPAZ) on Wednesday reviewed progress on key initiatives aimed at strengthening the role of special economic, free and industrial zones in attracting high-quality investments and supporting the sultanate’s economic diversification agenda.

At its second meeting of the year, chaired by H E Qais bin Mohammed Al Yousef, the OPAZ board assessed the implementation of previous decisions and policies focused on enhancing institutional performance and advancing sustainable growth targets aligned with national priorities. Senior executives from various zones, along with representatives from Asyad Group, participated in the discussions.

A key focus of the meeting was on mechanisms to activate the Oman–India Comprehensive Economic Partnership Agreement (CEPA) across the sultanate’s special economic zones, free zones and industrial cities. The board reviewed plans to leverage this landmark agreement to boost investment flows, expand trade and strengthen supply chains within Oman’s economic zones.

The meeting also discussed practical steps to maximise the benefits of the CEPA, particularly in developing supply chains, enhancing industrial integration and leveraging Oman’s strategic location, as well as its network of ports connected to global markets.

The board further reviewed OPAZ’s five-year plan for 2026–2030, which outlines initiatives to enhance the competitiveness of the zones through improved incentives, advanced infrastructure and stronger logistics capabilities. The strategy aims to position the zones to better respond to global economic shifts, attract value-added investments and strengthen their industrial and logistics roles.

Updates were also presented on major projects at the Special Economic Zone at Duqm, including infrastructure expansion and tourism developments such as a coastal tourism master plan designed to support economic diversification in the area.

The meeting examined progress at new zones, including the free zone at Muscat International Airport, as well as the Al Rawdah and Al Dhahirah special economic zones. Detailed presentations highlighted advancements in infrastructure development and investment promotion efforts across these emerging zones.

In addition, the board reviewed plans to strengthen media and corporate communications to enhance engagement with investors and stakeholders, and to improve the global positioning of Oman’s economic and free zones.

Dr Saeed bin Khalifa Al Quraini, Director General of Investment Sector Development at OPAZ, said that competitive incentives remain central to attracting investment into the sultanate’s zones. He noted that clearer and more flexible incentive frameworks – such as tax exemptions, usufruct rights, streamlined procedures, and integrated infrastructure and logistics services – help build investor confidence, support technology transfer, boost exports and create employment opportunities.

“These incentives contribute to enhancing competitiveness at both regional and international levels and attracting high-quality investments that add value to the national economy,” he said.

The OPAZ board reaffirmed the need to accelerate the implementation of strategic initiatives and leverage international partnerships to increase investment inflows, diversify the economic base and strengthen the competitiveness of Oman’s economy.