His Majesty The Sultan issues Royal Decree establishing Khazaen Economic City – Muscat, Oman

Muscat, Oman – His Majesty Sultan Haitham bin Tarik has issued a Royal Decree establishing Khazaen Economic City and promulgating its Bylaw (articles of association).

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The city will be located in the governorate of South Al Batinah, on a land area of approximately 2,000 square kilometers. It will be under the supervision of the Public Authority for Special Economic Zones and Free Zones and will be governed by the attached Bylaw.

The Bylaw stipulates that two free zones will be established within Khazaen Economic City. The first free zone will be dedicated to logistics and manufacturing, and the second free zone will be dedicated to knowledge-based industries.

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The Royal Decree also endorses the Development Agreement and the Usufruct Agreement for Khazaen Economic City. The Development Agreement is a contract between the Government of Oman and a consortium of private investors that will be responsible for developing the city. The Usufruct Agreement grants the consortium the right to use the land on which the city will be built for a period of 99 years.

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The establishment of Khazaen Economic City is a major milestone in the development of the Sultanate of Oman. The metropolis is predicted to bring in billions of dollars in investment and generate thousands of jobs. It will also play a key role in diversifying the Omani economy and making it more competitive in the global market.