Oman to Establish New Economic City with Two Free Zones

4 July 2023

Oman to Establish New Economic City with Two Free Zones

Oman is set to boost its economy with the establishment of a new economic city and two economic free zones. Sultan Haitham has issued two royal decrees, paving the way for the creation of the Khazaen Economic City in the Governorate of South Al Batina. These developments are part of Oman’s economic diversification initiatives.

The Khazaen Economic City will be supervised by the Public Authority for Special Economic Zones and Free Zones. Oman Logistics Company will operate the city and the two free zones within it, while the Khazaen Economic City Company will be responsible for its development.

Oman’s commitment to economic diversification, coupled with favorable oil prices and fiscal reforms, has put its economy on a strong footing. The country expects a budget deficit of 1.3 billion rials this year but achieved a surplus of 1.14 billion rials in 2022.

In addition to these developments, Oman has signed agreements with neighboring GCC countries to further enhance its economy and create job opportunities. These include a $3 billion railway network linking Oman with the UAE and a $320 million infrastructure development project with the Saudi Fund for Development.

With the positive outlook for Oman’s economy and its commitment to fiscal consolidation, now is an exciting time to explore career opportunities in the Sultanate. Guildhall‘s executive search and recruitment services can assist both job seekers and employers in navigating the evolving job market and finding the right talent for Oman’s growth.

 

4 July 2023

Oman to Establish New Economic City with Two Free Zones

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