Duqm Special Economic Zone issues Legislation Encyclopedia

Business Monday 05/December/2016 13:48 PM
By: Times News Service
Duqm Special Economic Zone issues Legislation Encyclopedia

Muscat: Special Economic Zone Authority in Duqm (SEZAD) issued on Monday ‘SEZD Legislation Encyclopedia’, the first release of its kind aimed at clarifying the investment environment of Special Economic Zone in Duqm (SEZD).
Yahya bin Said bin Abdullah Al Jabri, Sezad Chairman, stressed that this publication, coincided with the country's celebration of the Forty-Sixth National Day, aims to provide the various information on the legislative aspects that govern investment in SEZD for investors, researchers, academics, intellectuals and economists.
Al Jabri said in his preface to the Encyclopedia published in 300 pages in Arabic and English that Sezad has sought since its founding in 2011 to prepare the legislative environment that attracts various investments to SEZD in translation of the vision of the Sultanate for SEZD to be one of the investment oases in the country.
“Sezad seeks that this legislation governing the investment environment in SEZD keep up with the ambitions of investors and their desires as well as the global interest paid to this sector. The legislative aspect of any economy receives profound attention. There is no economy that can attract investment unless it has a legislative environment able to do so,” added Al Jabri.
Sezad Chairman expressed his hopes that this publication would enrich the Omani library and provides investors, researchers, specialists and those interested in investing in Duqm with the information they need on the legislative environment in SEZD.
Encyclopedia in three sections
The encyclopedia contains three sections. The first includes the Royal Decrees; the second consists of regulations, and the third regulatory decisions.
“SEZD is experiencing a growing demand from local and foreign investors who want to know the incentives and facilities Sezad offers and the legislation governing the investment environment in SEZD. Therefore, we have compiled legislation issued on SEZD since 2006, when Royal Decree No. 85/2006 designating the development of Duqm city in Al Wusta Region a public utility project. This targeted the establishment of a regional center for heavy industries in Duqm that includes a commercial port, dry dock, international airport, and free zone. In 2011, Royal Decree No. 119/2011 was issues establishing Sezad followed in 2013 by Royal Decree No. 79/2013 issuing SEZD System, Royal Decree No. 44/2014 on August 19, 2014 lifting the public utility status of some schemes within Sezad scheme. The last relevant Royal Decree No. 5/2016 designated the development of Ras Markaz a public utility project and annexing to SEZD. This increased SEZD area from 1745 sq. km to 2,000 sq. km to absorb the oil storage activities that Oman Oil Company would establish,” said Ismail bin Ahmed Al-Balushi, Sezad Deputy CEO and supervisor on encyclopedia preparation.
Al Balushi pointed out that Sezad made sure that the Encyclopedia contain various regulations, rules, and regulatory decisions regarding the investment environment in SEZD. It includes the regulation of regulation on project registration, rules governing tax exemptions, customs administration system, regulations on urban planning and building permits, and regulation on investment environment. It embraces as well the organisation of environmental permits, usufruct, and regulation on tenders floated by Sezad. The Encyclopedia also includes the decision on the charges for the services provided by Sezad, percentage of Omanization in SEZD projects, and enhancing SMEs contribution to SEZD projects.
Ismail bin Ahmed Al Balushi confirmed that Sezad would continue updating the Encyclopedia steadily thus contributing to provide various information to help investors make informed investment decisions.