PEIE reports 25% growth in applications for new units

Muscat: Investment applications in various industrial estates of the Public Establishment for Industrial Estates (PEIE) grows by 25 per cent to 76 applications in January 2018 compared to 61 applications during the same period in 2017.
The highest number of investment applications was recorded in Raysut Industrial Estate with 14 applications, followed by 12 applications in Sohar Industrial Estate, nine applications in Sur Industrial Estate, seven applications in Sumail Industrial Estate, three applications in Nizwa Industrial Estate, and two in Al Buraimi Industrial Estate.
The movement of investment applications in the various industrial estates is expected to grow further during the coming period, especially with the recent announcement by PEIE of the new incentives and investment regulations that shall 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.