UAE and Oman finalize accord for economic zone development at Al Rawdah
In a notable event, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, attended the signing ceremony for a significant agreement to establish and manage the initial phase of the Al Rawdah Special Economic Zone (SEZ) in Oman's Al Buraimi Governorate. The accord was inked in Muscat during a prestigious visit by a high-level delegation from the United Arab Emirates, led by Sheikh Hamdan.
The agreement signifies the strengthening economic partnership between the UAE and Oman. The deal was finalized by Eng. Ahmed bin Hassan Al Dheeb, Deputy Chairman of Oman's Public Authority for Special Economic Zones and Free Zones (OPAZ), and Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, on behalf of Mahadha Development Company, an Emirati-Omani joint venture. DP World holds a majority stake in the project.
Mahadha Development Company will be responsible for developing the zone's infrastructure, master planning, and facilities. Initially, the zone will cover 14 square kilometers, with plans for future expansion to 25 square kilometers. The strategic location of the zone provides direct access to main ports in both Oman and the UAE, such as Sohar Port and Jebel Ali Port, thereby enhancing logistics and market access across Gulf, Asian, and African trade routes.
The Al Rawdah SEZ aims to foster economic diversity, focusing on sectors like manufacturing, logistics, pharmaceuticals, and food processing. The zone aligns with Oman Vision 2040 and Dubai's Economic Agenda D33. It is anticipated that the zone will attract foreign direct investment, boost industrial output, and create employment opportunities in the thousands over time.
This initiative underscores the growing economic ties between the UAE and Oman, as non-oil trade between the two nations reached an impressive AED 56 billion in 2024. DP World's four decades of expertise in free zone development positions the Al Rawdah project as a key driver for regional trade and economic growth.
Source: Emirates News Agency
- The strategic location of the Al Rawdah Special Economic Zone will facilitate logistics and market access, enabling trade along Gulf, Asian, and African routes, thus fostering regional trade and economic growth.
- The Al Rawdah SEZ focuses on developing sectors such as manufacturing, logistics, pharmaceuticals, and food processing, creating opportunities for foreign direct investment and boosting industrial output in the thousands over time.
- The economic partnership between the UAE and Oman, as evidenced by the Al Rawdah SEZ agreement, aims to support business, finance, and industry growth, aligning with Oman Vision 2040 and Dubai's Economic Agenda D33, ultimately leading to increased employment and a stronger economy for both nations.
