Tuesday 16 / April / 2024
Muscat: Al Mazunah Free Zone held a meeting recently with the investors and officials of companies and customs clearance offices in the free zone to discuss the challenges they are facing, enhance joint efforts to develop the business and investment environment, and introduce the investors to Madayn’s ongoing and future projects.
Said bin Abdullah Al Balushi, Director General of Al Mazunah Free Zone, stated that the free zone is currently witnessing an active commercial movement along the lines of the gradual economic recovery from the impact caused by the COVID-19 pandemic.
Al Balushi informed that Al Mazunah Free Zone has noted growth in the total number of imported vehicles in March 2021 by 111 per cent compared to the same month in 2020.
“The free zone has also witnessed growth in the number of projects by 126 per cent during the same period, and the number of Omani workforces grew by 61 per cent,” Al Balushi said, adding, “The Facility Building project in the free zone is nearing its final stages. This vital project is valued at more than OMR3 million and is being developed on an area touching 11,000 sqm.”
The facility building project in Al Mazunah Free Zone will include offices, commercial stores and showrooms. The free zone’s management is in the process of preparing a tender for the design of the fourth floor of the building, which will be dedicated to the management’s office and service centre.
It should be noted that general incentives are offered to the investors in Al Mazunah Free Zone, including 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 the Yemeni workforce without work visas being required, in addition to other incentives.
Several service projects are currently being implemented in Al Mazunah Free Zone including a new road network, water tanks and network, fibre optic network, and electricity and drainage networks.
