Oman secures $500m to drive industrial growth

Oman’s Public Authority for Special Economic Zones and Free Zones (Opaz) has secured OMR200 million ($521 million) in new investments to support economic diversification in the sultanate.

The projects include the manufacturing of electric vehicle batteries, specialised steel, cement and pipe manufacturing plants, glue production, tile cutting and processing, and a pharmaceutical warehouse, the state-run Oman News Agency reported.

The projects will be developed in the Special Economic Zone at Duqm, Salalah Free Zone, and Khazaen Economic City.

Qais Mohammed Al Yousef, chairman of Opaz, said these agreements are an important step toward enhancing economic diversification.

Dr. Said Khalifa Al Quraini, director general of investment development at the authority, said the total investment volume in the zones rose to OMR22.4 billion by the end of last year, up 7 percent compared with 2024.

Opaz also signed a memorandum of cooperation with Majan Gulf Investment to structure three investments worth more than OMR110 million, to study project requirements, and to allocate suitable land for implementation. 

The company plans to develop several economic and investment projects within the zones under Opaz’s supervision, the statement said.

The government announced last week it was targeting 400 food projects with investments of OMR400 million ($1 billion) in 2026, the first year of the country’s 11th five-year plan.

The sultanate’s total foreign direct investment rose to more than $81 billion by the end of 2025, about 8 percent higher than in 2024, with the UK maintaining its position as the largest external investor.

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