MUSCAT: Al Mazunah Free Zone Committee held its second meeting this year, chaired by Hilal bin Hamad Al Hasani, Chief Executive Officer of the Public Establishment for Industrial Estates – Madayn, and the chairman of the committee. The meeting reviewed several topics related to the ongoing projects that are being implemented by Madayn including the Facility Building.
The construction of this project has commenced lately, and while the ground and first floors have been completed, work is underway on the second floor. Valued at more than OMR 3 million, the project will comprise office space, exhibition space and commercial stores. The Facility Building is expected to be completed by mid-2022.
The meeting also highlighted the major indicators and commercial movement witnessed by Al Mazunah Free Zone since the beginning of the current year. During January this year, the volume of goods in the free zone touched 35,481 tons, and the number of vehicles entering the free zone amounted to 962. The free zone has also signed investment agreements with six companies, and an area of 6,569 sqm have been leased by the investors and businessmen.
It is worthwhile to mention that general incentives are offered to investors in the free zone, including customs’ exemptions, 100 per cent foreign ownership, no minimum capital requirements, Omanisation rate stands at 10 per cent, and simplification of procedures for non-GCC investors to obtain residency in Oman. 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 work visa being required, in addition to other incentives.