A new economic zone of development is being established in Oman’s northern Al Wusta region. Analysts are predicting that the area will attract between $10 and $15 billion in direct investment over the next ten years.
Boosts GDP and Number of Jobs
Darwish bin Ismail Al Balushi, the minister of financial affairs for the Sultanate, explained that the Economic Zone of Duqm will more than likely contribute between 5% and 8% of the gross domestic product (GDP) in the non-oil sector of the Omani economy by the year 2020. Al Balushi also explained that the growth will add between 15,000 and 20,000 jobs to the economy over the course of the next ten years.
Among the first of the developments in the area is set to be a refinery-cum-petrochemical complex, explained al Balushi at the opening session of an economic forum discussing the various investment opportunities to be had in the port city of the Duqm Economic Zone. The forum, which took place on Tuesday, was organized by the Oman Chamber of Commerce and Industry.
Establish Authority to Oversee Zone
Al Balushi told the gathering that the Omani government is presently making the needed arrangements to create an authority which will be in charge of organizing and managing the zone. The authority will also be able to develop the required legislation and bylaws on investment, including creating the appropriate financial incentives, facilities and land use rules which will be designed to make the Duqm Economic Zone profitable and successful.