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Visitors at the PEIE organised meeting

PEIE highlights business opportunities in Al Mazunah Free Zone

MUSCAT, April 6, 2016

Oman’s Public Establishment for Industrial Estates (PEIE) organised yesterday (April 5) a meeting with Yemini investors aimed to highlight business opportunities available in the sultanate’s Al Mazunah Free Zone.

The event was held in the presence of Hilal bin Hamad Al Hasani, chief executive officer of PEIE, and Yemeni investors. He welcomed the investors to the sultanate, emphasising on the cultural and social bonds between the Yemenis and Omanis, said a statement from PEIE.

Al Hasani stressed on the strategic location of Oman that allows it to attract significant investments noting that the country has been playing a dynamic role in advancing the various sectors and has realised significant achievements in the economic sector, it added.

The PEIE chief 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, it said.

He also 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 concerned authorities to ensure the overflow of investment process and overcome any obstacles faced by investors; 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, said the statement.

On his part, Rezq Olemat, free zone expert at PEIE, briefed the Yemeni investors on Al Mazunah Free Zone, stating that Al Mazunah Free Zone was established under Royal Decree no. 103/2005 to be under the management of PEIE, it added.

The zone is currently completing necessary infrastructure work in line with the international standards of the free zones.

Olemat said: "The strategic location of Al Mazunah Free Zone on the border of Oman and Yemen makes it the Gulf gateway for transit trade to Yemen and Eastern Africa. The free zone aims to attract local and international investments to increase the volume of trade exchange, attract advanced technologies, and create job opportunities.”

“Major services have been completed in the recent period at the free zone including the road network linking the free zone with neighbouring cities and markets, in addition to communication, electricity, water and sewage services,” he said.

Olemat added that general incentives are offered to the investors as per the Free Zones Law promulgated by Royal Decree 56/2002 including 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, the free zone offers several incentives including easy access of individuals and investors to the free zone without entry visa required for Yemenis, and they can work in the 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," Olemat added.

The investors enquired about laws, regulations and mechanisms to commence investment in the industrial estates in general and the free zone in particular. 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 Mazunah Free Zone, it added. – TradeArabia News Service




Tags: | business | PEIE |

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