Applications for investment in various industrial estates managed by the Public Establishment for Industrial Estates (PEIE) have jumped 25 per cent to 76 in January 2018, up from 61 during the same period in 2017. Raysut Industrial Estate recorded the strongest interest with 14 applications, followed by 12 applications for Sohar Industrial Estate, nine for Sur Industrial Estate, seven for Samayil Industrial Estate, three for Nizwa Industrial Estate, and two for Al Buraimi Industrial Estate.
The trend is expected to grow further during the coming period, especially in light of the recent announcements by PEIE to introduce new incentives and investment regulations designed to attract and encourage investors to invest in the Sultanate.
The investment demand in Al Mazunah Free Zone has also increased in January 2018, as 29 investment applications were recorded compared with two applications noted during the same period in 2017. The PEIE continuously seeks to develop the investment environment in Al Mazunah Free Zone. The free zone has launched its electronic system this year, which comes in line with PEIE’s strategy of electronic transformation in all its transactions. The free zone, therefore, has stopped receiving hard copy documents of all transactions related to the movement of goods.
The Ministry of Manpower and Oman Chamber of Commerce and Industry (OCCI) have commenced working at the one-stop shop in the free zone to offer their services to the operating companies in the free zone. With regard to the cooperation with the Ministry of Commerce and Industry, the ministry has delegated its full powers to the free zone’s employees.
Additionally, the Directorate General of Customs of the Royal Oman Police has commenced provision of services to investors, traders and operating companies at Al Mazunah Free Zone’s customs area. These efforts shall play a role in enhancing the business environment in the free zone, making it an attractive destination of local and foreign investments alike.
The tender of developing the second phase of the free zone has been announced, and it is hoped that the contractor will commence work before the end of the first half of this year.
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