RIYADH: Oman’s free zones are set to attract greater foreign investment after signing up to a global network designed to boost the economic areas.
The Public Authority for Special Economic Zones and Free Zones said its membership in the World Free Zones Organization will help improve the competitiveness of the territories it oversees, including industrial cities and free zones, while opening new channels to promote them as flexible and investor-ready destinations with advanced infrastructure.
Free zones are designated areas that offer businesses incentives such as tax exemptions, full foreign ownership, and simplified customs procedures. These districts are designed to attract investment, boost exports, and support economic diversification by providing a competitive and flexible environment for companies to operate.
They are increasingly central to economies in the Middle East, with hubs like Dubai’s Jebel Ali, Riyadh’s Special Integrated Logistics Zone, and Egypt’s Suez Canal Economic Zone driving trade and investment.
“Through this international partnership, the authority seeks to expand its network of economic relations and benefit from the latest global trends in the management and development of special economic zones, free zones, and industrial cities,” Oman News Agency reported.
