Since the Sultanate of Oman is aiming for a diversified economy and to rely less on the Oil activities income, free zones (FZs) may be considered as one of the main economic opportunities for countries like the Sultanate. The strategic location of Oman gives it an advantage to commence such activities. In the recent years, Oman utilized this opportunity and established three FZs in the country located in Sohar, Salalah and Al Mazunah. It was perceived that it is the most suitable time to undertake this study to explore FZs opportunities in Oman and to highlight any further developments. Hence purpose of this research is to study the opportunities for the free zones development and the importance of free zones in relation to Oman Vision 2040 pillars. The opportunities were identified using literature review and classified based on a PESTLE analysis. In this regard, a further investigation was conducted by collecting data using a survey, distributed to the relevant domain experts. The statistical methodology, multi-criteria decision-making (Best-Wort Method) approach was used to analyze the data. The study resulted in technological opportunities being the most important factor for the development of free zones. However, the domain experts' ranking showed no significant difference among the other identified. Based on the results, technological opportunities are to be put on priority in the Oman Vision 2040 for the Oman free zones development. However, based on the study conducted in this thesis, it is recommended that a similar analysis be conducted on annual basis to address the rapidly changing conditions especially technological tools.