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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Significant growth in trade flows through Al Mazunah FZ

Facility Building in Al Mazunah which is nearing the final stages
Facility Building in Al Mazunah which is nearing the final stages

BUSINESS REPORTER


MUSCAT, Sept 18


Al Mazunah Free Zone has reported a significant uptick in investment activity, as well as cross-border trade flows, during the first three months of this year which, officials say, points to a recovery in economic activity following the slowdown attributable to the global downturn and the coronavirus pandemic.


According to Said bin Abdullah al Balushi (pictured), Director General of Al Mazunah Free Zone, the movement of vehicles jumped 111 per cent during the first quarter of this year versus trends for the same period of 2020.


The number of projects also grew 126 per cent during the period under review, while the number of Omanis joining the local workforce climbed 61 per cent, he said.


Importantly, a new Facility Building, currently under construction at a cost of RO 3 million, is nearing completion on an 11,000 sq metre site. When operational, it will augment the delivery of services to investors, business persons and staff at the free zone. It will include offices, commercial stores and showrooms. The fourth floor of the structure has been earmarked for the offices of the Public Establishment for Industrial Estates (Madayn) and its service centres.


Al Balushi provided the update during a recent meeting with investors, business leaders and customs officials aimed at brainstorming solutions to impediments and other challenges faced by various stakeholders operating from the free zone.


The attendees were also given an offering of the various initiatives and projects being undertaken by Madayn to enhance the free zone’s overall investment appeal.


Under Madayn’s attractive investment regime, investors are entitled to customs’ exemptions, 100 per cent foreign ownership of their holdings, no minimum capital requirements, and Omanisation rate of 10 per cent. Other incentives include simplified access for individuals and investors to the free zone, no entry visa requirement for Yemenis, option to employ Yemenis without the need for a work visa.


Projects under way at Al Mazunah Free Zone include a new road network, water tanks and distribution network, fiber optic network, and electricity and drainage networks.


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