Oman and Jordan ink MoU to boost economic collaboration

Muscat: In a bid to enhance cooperation between the Sultanate of Oman and the Hashemite Kingdom of Jordan in various economic fields, the Public Authority for Special Economic Zones and Free Zones (Opaz) signed a Memorandum of Understanding (MoU) in the Special Economic Zone at Duqm Sezad with the Aqaba Special Economic Zone Authority of Jordan.

The MoU was signed on behalf of the Opaz by Engineer Ahmed bin Hassan Al-Deeb, Deputy Chairman of the Opaz, while Nayef Hamidi Al-Fayez, Chairman of the Board of Commissioners of the Aqaba Special Economic Zone Authority, signed on behalf of the Jordanian side.

The MoU covers cooperation in several areas of mutual economic interest, including attracting investments to special economic zones and exchanging knowledge and expertise regarding the laws, regulations, and procedures associated with the management, operation, and development of special economic zones in both countries.

Both parties will explore the possibility of establishing joint projects to enhance and develop cooperation between them, in addition to working together to create an international institutional framework for the zones in both countries, aiming to enhance their competitiveness and cooperation across various fields.

The MoU stipulates the exchange of experiences between both parties in managing, operating, and developing special economic zones in areas such as urban planning, facilities management, and the investment environment, including smart city applications and their potential implementation in the zones overseen by each party, while benefiting from each other's expertise in this regard.

Moreover, the MoU aims to collaborate on data and information exchange relevant to the management, financing, execution, and operation of infrastructure projects according to the applicable investment regulations in both countries.
It also encompasses areas of cooperation in implementing joint promotional programs and coordinating regional and international conferences and seminars related to investment activities in special economic zones, along with exchanging experiences and practices in training employees within these zones and sharing studies and research on the experiences of special economic zones.

In the logistics sector, the MoU specifies the direct and indirect coordination to utilize transportation, storage, and distribution facilities to open new export channels and increase the volume of exports from the special economic zones of both countries to regional and international markets at the lowest possible costs. The parties will exchange expertise in organizing transportation movements for special economic zones, logistics, and ports. Upcoming meetings are expected with Omani and Jordanian investors, as well as local and international trade and business institutions, to introduce the facilities this cooperation will provide to investors in the special economic zones of Oman and Jordan, aiming to achieve maximum investment attraction in these zones.

On the sidelines of the MoU signing, Al-Fayez and his accompanying delegation visited prominent existing projects in the Sezad, such as Duqm Port, the dry dock, and the Karwa automotive factory.