MUSCAT: Starting business in airport-free zones in Oman will give several benefits to foreign investors including tax waivers, a top official has informed.

Last week, His Majesty Sultan Haitham Bin Tarik issued a Royal Decree to establish free zones at Muscat International Airport, Salalah Airport and Sohar Airport. Investors who have plans to start business in airport free zones will be eligible for 100% ownership, exemption from import and export duties, no minimum capital, and tax exemption for 15 years, which will be extendable for another five years.

Speaking to the Oman News Agency (ONA), Ahmed bin Hassan Al Dheeb, Vice President of Public Authority for Special Economic Zones and Free Zones (OPAZ) said the decision will help in stimulating the growth of air cargo volumes, and re-exports, and encouraging opportunities to open multi-model cargo transportation system.

According to Al Dheeb, doing business in the airport free zones will also benefit from a none-stop portal for the processing of permits, licences, approvals and visas.

Al Dheeb said the airport free zones will be ideal for air logistics services, light industries, support services such as banking, insurance and commercial and hospitality services. “There will be opportunities for investments in facilities such as offices, retail stores, and commercial outlets,” he added.