Tuesday 19 / November / 2024
Muscat: Al Mazyunah free zone is completing necessary infrastructure work in line with the international standards of the free zones.
“Major services have been completed in the recent period in Al Mazyunah free zone including the road network linking the free zone with neighbouring cities and markets, in addition to communication, electricity, water and sewage services," said Rezq Olemat, free zone expert at Public Establishment for Industrial Estate (PEIE).
He was talking at a meeting organised by PEIE for Yemeni investors.
“The strategic location of Al Mazunah Free Zone on the border of the Sultanate and Yemen makes it the Gulf gateway for transit trade to Yemen and Eastern Africa. Al Mazyunah Free Zone aims to attract local and international investments to increase the volume of trade exchange, attract advanced technologies, and create job opportunities.”
PEIE has organised a meeting on Tuesday to highlight business opportunities available in Al Mazunah Free Zone at Grand Hyatt Muscat. The event was held in the presence of Hilal bin Hamad Al Hasani, chief executive officer of PEIE and Yemeni investors.
Olemat added that general incentives are offered to the investors, which include a 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 10 per cent, in addition to facilitation of procedures for non-GCC investors to obtain visa and residency permits.
"Additionally, Al Mazyunah Free Zone offers several incentives including easy access of individuals and investors to the free zone without entry visa required for Yemenis; Yemenis can work in Al Mazyunah Free Zone without a working visa; in addition to its strategic location close to the Yemeni border, among other incentives of benefit for the investors," he added.
Al Hasani stressed on the strategic location of the Sultanate that allows it to attract significant investments noting that Omanhas been playing a dynamic role in advancing the various sectors and has realised significant achievements in the economic sector.
Al Hasani briefed the Yemeni delegation on the vision and mission of PEIE, its industrial estates, and the incentives and facilities offered to local and foreign investors. The vision of PEIE is to enhance the Sultanate’s position as a leading regional centre of manufacturing, ICT, innovation and entrepreneurship excellence, and its mission is to attract industrial investments and provide continued support, through regionally and globally competitive strategies, good infrastructure, value adding services, and easy governmental processes.
He highlighted the objectives of PEIE, which include attracting foreign investments to the Sultanate and localising the national capital; contributing to stimulating the private sector to achieve sustainable economic and social development; strengthening relations with the authorities to ensure the overflow of investment process and overcome any obstacles faced by investors.
He also highlighted reinforcing cooperation with related international and regional organisations to boost the exchange of experience, knowledge and techniques used; developing employees’ skills and performance through a set of training programmes; contributing to creating new job opportunities; encouraging exports and the establishment of export industries, and increase the market share of locally manufactured products; stimulating the economic sectors in the Sultanate including transport, tourism, banking, among others.
The Yemeni business owners expressed their admiration of the offered incentives and their willingness to have field visits to the free zone, while some of them said that they have already submitted investment applications in the various investment areas offered by Al Mazyunah Free Zone.
