Oman- H E Sunaidy meets investors at Al Mazunah Free Zone

Date

7/20/2016 8:15:01 AM

(MENAFN- Muscat Daily) Muscat-

H E Dr Ali bin Masoud bin Ali al Sunaidy, Minister of Commerce and Industry and chairman of the Free Zones Committee, visited the Al Mazunah Free Zone on Tuesday.

H E Dr Sunaidy was accompanied by Hilal bin Hamad al Hasani, chief executive officer, Public Establishment for Industrial Estates (PEIE). The visit was organised to review the existing projects at the free zone and meet investors.

During the visit, H E Dr Sunaidy highlighted that there are a number of eServices that facilitate the investment flow, noting that Al Mazunah Free Zone is focusing on small manufacturing industries that serve neighbouring countries. 'We met investors from GCC countries, Yemen and other Arab countries expressing their contentment with the investment climate at Al Mazunah Free Zone,' H E Sunaidy said.

He added that the offered incentives have played a role in attracting the investors to the free zone in the recent period.

As part of the visit, H E Dr Sunaidy also laid the foundation stone for the hotel project that will be built by the Omani Yemeni Group. This project represents an added value for investors in the free zone by offering a variety of incentives and services for visitors to the free zone in particular and the wilayat in general.

Mohammed Ahmed Rafeet, acting director general of Al Mazunah Free Zone, said that the zone is enjoying great attention of the government under the leadership of His Majesty Sultan Qaboos bin Said, which plays a pivotal role in encouraging and facilitating investment climate in the sultanate.

'The sultanate enjoys security and integrated infrastructure facilities in addition to the laws that all together contribute to having an ideal investment environment. The efforts undertaken by various government bodies play a major role in facilitating investment process and overcoming challenges facing the investors. As a result, we are witnessing today various local and foreign investors operating at Al Mazunah Free Zone,' Rafeet said.

Al Mazunah Free Zone which was opened on November 24, 1999 is located on the Oman-Yemen border making it the Gulf gateway for transit trade to Yemen and Eastern Africa.

As per Royal Decree 103/2005, Al Mazunah Free Zone became under the management of PEIE.

Al Mazunah Free Zone aims to attract local and international investments to increase the volume of trade exchange, attract advanced technologies, and create job opportunities. Al Mazunah Free Zone offers investment opportunities in several sectors including commercial, industrial and supporting services sector. PEIE also offers several incentives including easy access of individuals and investors to the free zone. Yemenis can work at Al Mazunah Free Zone without a working visa.

Besides, general incentives offered to investors as per the Free Zones Law promulgated by Royal Decree 56/2002 include, 30 years of tax free operations; customs exemption; 100 per cent foreign ownership; no minimum capital requirement; Omanisation ratio in the free zone is only ten per cent and facilitation of procedures for non-GCC investors to obtain visa and residency permits.

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