Oman Announces Setting up its First Smart City in the SEZ of Duqm

Oman is currently working on a project with South Korea with an aim to develop its first-ever ‘smart city’ which will be located in the Special Economic Zone (SEZ) in Duqm, said a report.

Oman has already taken the first step and signed and finalized a memorandum of understanding (MoU) with South Korea to start developing this smart city. A specific report on this was published by the Oman Daily Observer, which said that this new smart city will be planned in the Special Duqm SEZ and will be one of its kinds.

The South Korean entities now plan to start a comprehensive research and study focusing on finding out how the smart city principals could be developed in the SEZ of Duqm. To state the facts, South Korea has the credit of having developed the world’s first-ever smart city, which is known as the Songdo International Business District, which spreads across a huge 600 hectare area along the picturesque waterfront in Incheon Province. It will cost over $40bn to build it and the smart city would include over 100 buildings, after it is completed.

The dotted line of this MoU was signed by the relevant parties in the Oman-Korea Business Forum. This forum was attended by various high government officials both from Korea and Oman. Korea’s Prime Minister Lee Nak-Yon led the delegation and from Oman, the Minister of Commerce and Industry, Dr. Ali bin Masoud Al Sunaidy and the Minister of Oil and Gas, Dr. Mohammed bin Hamed al Rumhy, represented their country.

This MoU surely is like the first step towards a breakthrough task of applying the concept of smart city in Duqm. After this welcome step, if you are thinking of setting up your business in Oman or have any queries about company formation in Oman or accounting services in Oman, look no further. Get in touch with us and our experts at IMC will help you get a seamless experience.