Monday 28 September 2020

Oman Madayn's free zone unit 'witnessing' solid growth

MUSCAT, November 23, 2019

Oman-based Public Establishment for Industrial Estates (Madayn) said one of its affiliates, Al Mazunah Free Zone, is witnessing rapid developments in terms of infrastructure development, increasing number of projects and trade movement. 
Investors, business owners and entrepreneurs in the free zone have all highlighted the role played by Al Mazunah Free Zone in contributing to the national economy in general, which reflects positively on the wilayat of Al Mazyunah. 
The Omani free zone aims to woo local and international investments to boost the volume of trade exchange besides attracting advanced technologies, and creating job opportunities. 
General incentives are offered to investors in the free zone, including customs’ exemptions, 100 per cent foreign ownership, no minimum capital requirements, and Omanisation rate stands at 10 per cent, said the statement from Madayn. 
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, it stated.
Musallam Zaabanoot, founder and owner of Safe Transit for Trade and Services, said that his company was initiated through an office that tracks the transactions of investors in Al Mazunah Free Zone such as services related to commercial records, work permits and visas. 
“The company has expanded further and it has an office that provides clearance services. We seek in the future to provide all the services required by the companies operating in the free zone such as transportation of goods, construction services and other services,” remarked Zaabanoot. 
The Omani free Zone, he stated, presented a great opportunity for the people of Al Mazyunah. “Many of the youth population in Al Mazyunah today operate their own projects, which have contributed to the provision of many job opportunities. These projects comprise offices of import and export, construction services, sanad, transactions’ tracking, shipping and unloading, equipment rental, customs clearance, among many other projects,” noted Zaabanoot. 
Mohamed Zaabanoot, an investor in Al Mazunah Free Zone, pointed out that the incentives and facilities offered by the free zone were encouraging for the investors. 
Mohamed Al Harizi, owner of Abu Shmael Trading, emphasised that the one-stop-station at Al Mazunah Free Zone is making significant efforts to ease the procedures for the investors in a fast manner. 
Faiz Al Mahri, a researcher at Al Mazunah Free Zone, underlined the strategic location of the free zone, which allows it to be a key gateway of the GCC countries to enter Yemen and East African markets. 
“The ideal location of the free zone contributes to the attraction of various industries to localise their projects and create new job opportunities for the citizens,” said Al Mahri.
“I am currently conducting a study which shows that there are opportunities for the flow of foreign capital in the free zone, growth of the number of projects, expansion of target markets, in addition to the increasing role of the free zone in diversifying sources of the national income" he added.
Mabkhout Al Mahri, owner of a commercial promotion office in the free zone, said that the office is responsible of promoting Omani products produced in Al Rusayl Industrial City. “The office aims at facilitating the access of these products to the Yemeni and African markets,” he added.-TradeArabia News Service


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