New doors are opening for more and more investments for the Al Mazunah Free Zone in Oman, which comes under the purview of the Public Establishment for Industrial Estates – Madayn, as various operating projects reached a number of 197 by the end of November 2018, stated Said bin Abdullah Al Balushi, who is the supervisor of business processes in this free zone.
Al Balushi said that Al Mazunah Free Zone has been fortunate to get 46 fresh investment applications with professionals wanting to do company formation in Al Mazunah Free Zone, which are now under the process of review. This free zone has been very instrumental in the establishment of many Small and also Medium Enterprises for the residents in the wilayat of Al Mazyunah. Approximately 14 SMEs were set up in the areas of import and export, shipping and unloading, hospitality, construction, and also in public services. What’s more? The free zone also provided 60 new job opportunities especially for the national cadres in the operating body of this free zone, some investing companies and the developer named Golden Hala Company.
Al Balushi also shared that Madayn is working on various projects as of now, which include developing the free zone in phase one (second package), and in phase two, the aim would be transmitting electricity to the various leased companies such as cables and transformers, and the broadband project.
According to the electronic system taken up by Al Mazunah Free Zone for managing the transfer of exported and imported products, the volume of imported products into the free zone has reached 155,666 tonnes by November 2018. In addition, the total number of imported vehicles, equipment, and machinery added to about 7,739 during this period.
Al Balushi also said that Madayn keeps making continuous efforts for promoting the Al Mazunah Free Zone among various investors by organizing events that focus on the new investment opportunities available in the free zone and how its strategic location contributes to the local and global trade and investment movement.
These efforts have been planned as per Madayn’s vision to further improve Oman’s status as a top regional hub of manufacturing, ICT, entrepreneurship excellence, innovation and its goal to bring in more industrial investments and keep on giving continued support by making locally and internationally competitive strategies, providing stable infrastructure and value-adding services, and simple governmental processes. These efforts also are in line with the Madayn’s key objectives such as luring fresh foreign investments into the Sultanate and localizing the national capital, while continuing to encourage the private sector to attain sustainable financial and social development, accomplishing environmental sustainability, and also contributing to adding new job opportunities for the national cadres.
Al Mazunah Free Zone was set up under Royal Decree no. 103/2005 to function under the administration of the Public Establishment for Industrial Estates. Its strategic location, which is on the border of the Sultanate and Yemen makes it the perfect Gulf gateway for transit trade especially to Yemen and Eastern parts of Africa. The free zone has a goal to bring in more domestic and international investments for enhancing the trade exchange, get more advanced technologies, and open for new job opportunities. Various incentives are given to investors, which include customs’ exemptions, full or 100 percent foreign ownership, no capital requirements at all, and the Omanisation rate at 10 percent.
So if you are planning of company formation in Oman in near future, get in touch with us at IMC and we will be happy to assist you.