MUSCAT, DEC 8 - The Public Establishment for Industrial Estates (Madayn) recently participated in a forum on industrial and free zones held in Tangier, Morocco. The event was held under the auspices of King Mohammed VI and with the participation of 15 Arab countries. The forum aimed at boosting commercial exchange between the Arab countries and bringing together businessmen representing various countries to showcase investment opportunities and highlight successful models at the Arab and international levels.
Said bin Abdullah al Balushi, Acting Director General of Al Mazunah Free Zone, presented a paper at the forum on investment in Oman’s industrial cities with a special focus on Al Mazunah Free Zone. Al Balushi elaborated on the incentives provided in the various industrial cities in Oman and Al Mazunah Free Zone. He also emphasised on the role played by Madayn to develop these areas and boost the local and foreign investments.
Al Balushi pointed out the investment opportunities available in Madayn’s various industrial cities in different sectors including solar, renewable energy, petrochemical industries, building materials, chemical industrials, ICT, logistics, packaging, paper industries, automotive, furniture, clothing, textiles, electrical industries, food, metal and plastic industries, medical equipment and electronics.
He then outlined the incentives offered at Al Mazunah Free Zone, which comprise general incentives such as customs’ exemptions, 100 per cent foreign ownership, no minimum capital requirements, and Omanisation rate stands at 10 per cent. Other incentives include easy access of individuals and investors to the free zone without entry visas being required for Yemenis, facilitation of employing Yemeni workforce without work visa being required, in addition to other incentives.
Al Balushi stated that Al Mazunah Free Zone was established under Royal Decree no. 103/2005 to operate under the management of the Public Establishment for Industrial Estates — Madayn. The strategic location of the free zone on the border of the Sultanate and Yemen makes it the Gulf gateway for transit trade to Yemen and Eastern Africa.
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