Oman: SEZAD to offer 100% foreign ownership
Oman’s Special Economic Zone Authority at Duqm (SEZAD) will offer a package of incentives with a regulatory regime which guarantees 100% foreign ownership of businesses, with the authority facilitating all necessary approvals and procedures. The largest development of its kind in the MENA region, SEZAD was visited by the Omani business community to get an […]
SEZAD is the largest development of its kind in the MENA region SEZAD
Oman’s Special Economic Zone Authority at Duqm (SEZAD) will offer a package of incentives with a regulatory regime which guarantees 100% foreign ownership of businesses, with the authority facilitating all necessary approvals and procedures.
The largest development of its kind in the MENA region, SEZAD was visited by the Omani business community to get an overview of the infrastructural development at the zone to attract investors. Ismail bin Ahmed al Balushi, Deputy CEO, SEZAD announced, “the business area has been attracting a lot of investors from different continents including Asia, Europe and the Americas, many of whom have already visited the zone, while others plan to do so soon.”
The delegation also toured the Port of Duqm, townships, the Rock Garden tourism site and other landmarks. Al Balushi voiced his satisfaction over the progress made to date in the field of transferring the affiliation of the projects at SEZAD from the government agencies to the authority.
The total land area of 1,770km2 is divided into two parts, designed to enable the authority to gradually expand it. The authority is now focused on an 800 km2 area which includes the dry dock.
Over the past two years, the dry dock has been receiving a number of ships for repairs and maintenance.
“Also in operation within this area is the Port of Duqm, which has already commenced early operations and will be ramping up its capabilities soon.”
He added that construction work on a major refinery is expected to start in 2015 with completion slated for 2018.
Conceived as a logistics hub, the Duqm SEZ has the potential to catapult industry in Oman to a new level and increase import and export trade, providing lucrative upstream and downstream opportunities for investors at both ends of the supply chain. Advantageous investor benefits, combined with existing trade agreements and financial incentives, make Duqm an attractive proposition.
