OPAZ Presents a Paper on the Blue Economy at the 5th Duqm Forum

The Public Authority for Special Economic Zones and Free Zones (OPAZ) presented a key paper during the third session of the 5th Duqm Forum, held this morning (October 20, 2024) at the Oman Convention and Exhibition Centre. This participation comes as part of the Authority’s efforts to promote investments in the blue economy, which is a fundamental pillar of sustainable economic growth in the Sultanate of Oman.

The paper, presented by Saleh bin Hamoud Al-Hsani, Advisor to the Chairman and the official spokesperson of the OPAZ, provided a comprehensive overview of the investment policies and plans set by OPAZ to develop the blue economy and strengthen its role in supporting the national economy.

The paper highlighted several investment projects localized in the Special Economic Zone at Duqm SEZAD, such as the Al Wusta Fisheries project and Simak, a private company specializing in canning, which is considered one of the largest fish canning projects in the Middle East. It also covered the fish farming project, while shedding light on encouraging sustainable investments in blue economy-related projects such as marine aquaculture, renewable energy, and water resource management. OPAZ emphasized the provision of incentives to attract more investments in these areas, enhancing the sustainability of natural resources and creating new growth opportunities.

The paper also addressed stimulating innovation by establishing research and development centers to support marine technology, develop sustainable fishing techniques, and improve quality control systems, contributing to increased efficiency and sustainability in utilizing marine resources.

Among the topics covered was improving marine and logistical infrastructure, with OPAZ working on upgrading ports and logistical facilities to support transportation and trade activities related to the blue economy. This upgrade is a critical step in attracting investments and enhancing operational efficiency in this vital sector.

The paper also reviewed OPAZ’s efforts in developing environmental policies by setting stringent environmental standards aimed at preserving marine biodiversity and reducing pollution, ensuring that economic activities remain sustainable while protecting the marine environment.

It further outlined the training and awareness initiatives adopted by the OPAZ, where training programs are organized for local communities to raise awareness about the importance of the blue economy and train them in sustainable fishing methods. These efforts contribute to enhancing awareness and building local capacities in this sector.

The paper also explored OPAZ’s role in improving legal policies governing marine activities, stressing the importance of updating legal frameworks to ensure the sustainability of economic activities related to the blue economy, contributing to long-term sustainable development.

In conclusion, the paper reviewed the most notable achievements in the development of special economic zones and free zones, which have become major investment attraction hubs thanks to tax incentives and a flexible legal environment. These zones have also contributed to economic diversification and the development of new sectors, such as renewable energy, green hydrogen, technology, and innovation.