Al dhahirah: The Public Authority for Special Economic Zones and Free Zones (OPAZ) has initiated operational activities in the Economic Zone at Al Dhahirah (EZAD) by signing seven significant agreements and memoranda of understanding (MoUs). The agreements were formalized by Dr Ali Masoud Al Sunaidy, the Chairman of OPAZ.

According to Oman News Agency, one of the primary agreements includes the construction of main roads and a surface water drainage system, valued at RO 22.3 million. This contract, with a completion timeline of 24 months, was awarded to an Omani-Saudi consortium represented by Btouar Adli (Circa), Dr Amin Al Shanqiti (Pladco), and Othman Gonk (Gonk).

Additionally, OPAZ signed an MoU with Sohar International Bank to provide innovative financial solutions for projects in the zone. This includes preferential offers for investors and access to OPAZ’s investor platform. Khalil Salim Al Hedaifi, Chief Government and Private Banking Officer at Sohar International Bank, signed the MoU.

Two Service Level Agreements were signed with engineering consultancies Al Watanyiah United Engineering (Oman) and Dar Al Riyadh (Saudi Arabia). These agreements aim to prepare designs for investor projects, provide technical advice, and assist with approvals. The signatories were Fahad Ali Al Mahrouqi of Al Watanyiah Engineering and Ayman Adnan Yahya of Dar Al Riyadh.

OPAZ also signed MoUs with Sohar International Bank, Poly Products Co. Ltd., and Naseem Ibra Company to express investment interest in the zone. Eng. Yahya Khamis Al Zadjali of OPAZ stated that the zone aims to become an industrial hub connecting GCC markets and promoting trade between Oman and Saudi Arabia.

Al Zadjali emphasized the zone’s strategic importance in attracting investments and enhancing logistics connectivity. The master plan for the zone’s first development phase covers 20 square kilometres, with a focus on advanced industrial sectors and clean energy.

The agreement for constructing main roads and drainage systems involves building roads, solar-powered lighting, and stormwater channels to mitigate flood risks. The project mandates subcontracting works worth RO 1.23 million to SMEs and maintaining an Omanisation rate of at least 30 percent.

The MoU with Sohar International Bank aims to enhance investment promotion in the zone by offering advisory services to investors. The agreements with engineering consultancies are part of OPAZ’s strategy to provide high-quality services and streamline approval processes.

The Economic Zone at Al Dhahirah aims to boost trade between Oman and Saudi Arabia, supporting economic diversification and development. The zone covers 388 square kilometres and is being developed in phases, located near the Rub Al Khali border crossing.