Madayn promotes Al Mazunah Free Zone
MUSCAT: The Public Establishment for Industrial Estates – Madayn recently participated in the second forum on the role of industrial and free zones in developing exports and attracting industrial investments held in Tangier, Morocco. The event was held under the patronage of King Mohammed VI and with the participation of 15 Arab countries.
The forum focussed on boosting commercial exchange between the Arab countries and bringing together businessmen representing various countries to showcase investment opportunities and highlight successful models at the Arab and international levels.
Said bin Abdullah Al Balushi, Acting Director-General of Al Mazunah Free Zone presented a paper at the forum on investment in Oman’s industrial cities with a special focus on Al Mazunah Free Zone. Al Balushi elaborated on the incentives provided in the various industrial cities in Oman and Al Mazunah Free Zone. He also emphasised on the role played by Madayn to develop these areas and boost the local and foreign investments.
Al Balushi pointed out the investment opportunities available in Madayn’s various industrial cities in different sectors including solar, renewable energy, petrochemical industries, building materials, chemical industrials, ICT, logistics, packaging, paper industries, automotive, furniture, clothing, textiles, electrical industries, food, metal and plastic industries, medical equipment and electronics.
He then outlined the incentives offered at Al Mazunah Free Zone, which comprise general incentives such as customs’ exemptions, 100 per cent foreign ownership, no minimum capital requirements, and Omanisation rate stands at 10 per cent.
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.
Al Balushi stated that Al Mazunah Free Zone was established under Royal Decree No. 103/2005 to operate under the management of the Public Establishment for Industrial Estates – Madayn. The strategic location of the free zone on the border of the Sultanate and Yemen makes it the Gulf gateway for transit trade to Yemen and Eastern Africa.
It is worth mentioning that the forum highlighted a number of topics which comprise the role of free and industrial zones in achieving sustainable development; the role of ports and logistics in boosting free and industrial zones; new strategies for managing free and industrial zones; investment and commercial incentives and facilities in the free and industrial zones; and the reality and prospects for the development of free and industrial zones. B2B meetings were also held on the sidelines of the forum.
This forum came as an initiative by the Arab Industrial Development and Mining Organisation in cooperation with Morocco’s Ministry of Industry, Trade, and Green and Digital Economy and the Chamber of Commerce, Industry and Services of TangierTetouan-Al Hoceima region.