Khazaen Economic City seeks to contribute to enhancing sources of income

Muscat: The Khazaen Economic City, which was established by Royal Decree No. (44/2023), is a strategic partner for development and a promising economic tributary in the Sultanate of Oman.

Eng. Salem bin Sulaiman Al Dhahli, CEO of Khazaen Economic City, said: The issuance of His Majesty the Sultan – The Royal Decree establishing Khazaen Economic City and issuing its system; It confirms the sublime support and patronage of this project, and had the greatest impact on the continued success achieved by the city, which is an ambitious and promising Omani project with global aspirations, and aims to supplement the economy and contribute to strengthening sources of income and advancing the Omani economy to broader horizons.

In a statement to Oman News Agency, he explained that Khazaen Economic City, which is being developed in the Wilayat of Barka in the Governorate of South Al Batinah, is a qualitative and strategic project in the Sultanate of Oman as an integrated economic zone and free zone in partnership with the private sector. Including logistical, industrial, commercial, and residential projects, in addition to strategic projects that serve integration in services and business.

Regarding the contents of Khazaen Economic City, the CEO stated that the city, which covers an area of ​​52 million square meters, includes many logistical and industrial projects. The most prominent of which is the Khazaen Land Port, which is the first land port in the Sultanate of Oman that connects Khazaen with the rest of the destinations and international markets, and the central market of Khazaen for vegetables and fruits, in addition to its strategic location on the Al Batinah Expressway in the main growth corridor in Muscat and Al Batinah South Governorate and connected to the border crossings, and this site represents an extension For development projects, as it connects Greater Muscat with the rest of the governorates of the Sultanate of Oman.

He stressed that the role of Khazaen Economic City comes as the largest partnership project between the public and private sectors in the field of financing, establishing and managing economic zones in the Sultanate of Oman. With the aim of supporting the Omani economy and contributing to strengthening the government’s goals in diversifying sources of income by creating an economic city that attracts regional and global investments to achieve the vision of “Oman 2040”; To provide a balanced environment between business life and social and recreational life for investors and their employees from inside and outside the Sultanate of Oman, to create promising job opportunities for Omani youth, to empower and build capabilities in all productive sectors, and to provide a supportive work environment for small and medium enterprises.

He also indicated that the Royal Decree grants many powers and facilities, such as: activating the one-stop shop under the management of Khazaen Economic City, the power to sell residential and commercial lands, opening two free zones, the first for light and medium industries and logistical activities, and the other for business and trade, with the granting of facilities for customs and tax exemptions, The decree also ratified the development and usufruct agreement for the city, granting Khazaen Economic City LLC the right to develop and manage the city and the two free zones.

He stressed that the city of Khazaen – despite the conditions experienced by the global and regional markets and the changes taking place in the global economy – was able to achieve remarkable success in attracting local and foreign investments, as the investment value of 100 investment agreements amounted to 300 million Omani riyals during the past 30 months of The actual life of the cabinets.