Construction

Oman’s Salalah Free Zone signs $350mn investment agreement with UAE investor

Investment is for the establishment of a Technology City, a 500,000sqm development featuring a data park, technology academy and other support facilities

Oman’s Salalah Free Zone has signed an agreement with a UAE investor for the establishment of a Technology City, at an investment of $350 million, it has been announced.

According to a report by the Oman Observer, the Tech City will be spread over an area of 500,000sqm and will feature a data park, technology academy and other support facilities. It is the latest in a string of investments that have underscored the robust investment into the Salalah Free Zone, a top official was quoted as saying in the report.

The MoU signed envisages a Technology City for innovation and fourth-generation technologies, said Ali bin Mohammed Tabouk, CEO of the Tech City.

“We have inked seven investment agreements during the first half, thus taking the total number of signed projects till date in Salalah Free Zone (SFZ) to 88, representing around $8.7 billion in total investments, with the potential to create more than 8,000 direct jobs,” noted Tabouk.

He pointed out that amongst the recent signings is a contract for the construction of Phase Two of Al Mazaya Logistics Station, which offers 134,000 sqm of storage area and land for the development of facilities and amenities for tenants in the free zone.

Welcoming the free zone’s role in driving the economic diversification of Dhofar, Governor Sayyid Mohammed bin Sultan al Busaidi said: “[The free zone] aims to support development efforts in Dhofar and contribute to the diversity of sources of income and the growth of the national economy.”

“We commend the successes achieved in Salalah Free Zone and its aspirations to become a global and regional center for attracting investments,” he stated.

Chairman Ahmed bin Nasser Al Mahrazi said Salalah Free Zone’s success in attracting $8.7 billion in investments will translate into developmental benefits for the national economy while also spawning business opportunities for national companies and SMEs.

“These investments will also support job creation for citizens and drive technology inflows, stated Al Mahrazi, also the Minister of Tourism.

“Within this framework we continue to organise promotional campaigns in target markets such as India, Turkey, Iran, South Africa and other markets with a focus on attracting quality investments in logistics, manufacturing, and innovation-based technology,” he concluded.

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