According to a recent “Oman Observer” report, a $350 million investment agreement was reached between a UAE investor and Oman’s Salalah Free Zone for the building of Technology City. The planned 500,000sqm area will feature numerous support facilities including a data park and a technology academy. The $350 million funding is the most recent in a series of investments made to the Salalah Free Zone. According to Tech City CEO Ali bin Mohammed Tabouk, the signed MoU (Memorandum of Understanding) envisions a city dedicated to 4th generation and innovation technologies.
Tabouk went on to say that seven investment agreements were signed during the first half of 2020, bringing the total number of signed projects to 88. This represents a total of $8.7 billion in investments and a potential for the creation of more than 8,000 jobs. One of the contracts calls for the building of Phase Twuaeo of Al Mazaya Logistics Station, a 134,000sqm parcel of land dedicated to the development of amenities and facilities for tenants of the free zone and a storage area as well.
Governor Sayyid Mohammed bin Sultan al Busaidi of Dhofar pledged his support to development efforts. Furthermore, he welcomed the role the free zone is playing in contributing to the diversification of income sources, the economic benefit for Dhofar, and the overall growth of the regional economy. He went on to say that the success that has been achieved in the Salalah Free Zone will attract future investments as it continues to move toward becoming a regional and global business hub. This will help in the areas of company registration in Oman and Oman company incorporation. If you need assistance with registration of a company or related taxation services, call on experts.
Chairman Ahmed bin Nasser Al Mahrazi stated that the success that they have achieved with Salalah Free Zone is commendable. Additionally, he hoped that the business zone attracts global businesses and investments to further enhance the economy. The success resulted from gaining $8.7 billion in investments translates into numerous business opportunities for small and medium-sized enterprises (SME’s) as well as national companies. Overall, this equates into many economic developmental benefits. Additionally, Al Mahrazi, who is also the Minister of Tourism, stated that the investments will drive technology inflows and support the creation of new jobs for the citizens of the region.
Al Mahrazi commented that by maintaining this framework, numerous efforts to organize promotional campaigns will continue and target a number of different markets including India, Iran, South Africa, Turkey, and other countries. The focus will continue to be on attracting high-quality funding in important areas such as innovation-based technologies, logistics, and manufacturing along with other needed sectors.
