Al Mazunah Free Zone Committee holds review meeting

Business Saturday 09/March/2019 17:04 PM
By: Times News Service
Al Mazunah Free Zone Committee holds review meeting

Muscat: Al Mazunah Free Zone Committee held recently its first meeting this year, chaired by Hilal bin Hamad Al Hasani, Chief Executive Officer of the Public Establishment for Industrial Estates (Madayn) and chairman of the committee.
The committee discussed several areas related to advancing the efficiency of services provided to investors and business owners, in addition to the infrastructure development in the free zone and completion of Madayn’s existing projects. These projects include the phase two of Al Mazunah Free Zone, where the completion rate has touched 35 per cent.
The meeting also discussed the proposal to establish a Facility Complex in the free zone, which aims at bringing together the services and facilities required by the investment operations for the investors under one platform. This shall boost the added value of the free zone through making efforts that integrate services, accelerate the pace of businesses, and facilitate the procedures to finalise transactions.
The proposed project will be implemented in two phases on an area exceeding 11,000 square metres. Phase one will comprise four floors, while phase two (future plan) will add two more floors as per the requirements of the market at that particular time.
A strategic location has been identified for the project, which shall be visible and easy-to-reach to benefit from its services without the need to enter the free zone.
It is worth mentioning that the number of the operating projects in Al Mazunah Free Zone has touched 197 by the end of November 2018, and 46 new investment applications are currently under review and study. Madayn is currently working on a number of projects in Al Mazunah, which include phase one of developing the free zone (second package), transmitting electricity to the leased companies (cables and transformers), and the broadband project. Moreover, Madayn has got a new expansion in the free zone of a total area of approximately 11 million sqm.
General incentives are offered to the investors in the free zone, which include 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 Yemeni workforce without entry visa being required, and facilitation for senior Yemeni corporate officers and investors to obtain work visas; among other incentives of importance to the investors.