Completion rate of second phase of Al Mazunah Free Zone stands at 60%

Al Mazunah Free Zone Committee held its first meeting this year under the chairmanship of Hilal bin Hamad al Hasani, chief executive officer of the Public Establishment for Industrial Estates – Madayn. The meeting discussed several aspects related to driving greater efficiency of services that are offered to the investors and business owners, and development of infrastructure in the free zone. The meeting also highlighted the projects that Madayn is currently implementing in the free zone, which include the second phase of the free zone that has touched 60 per cent of completion rate.

Moreover, the committee underlined the recent indicators and the growth of investments in the free zone. It is worth mentioning that the number of investing companies in Al Mazunah Free Zone has touched 240, of which 90 are under construction with increasing demands for investment in the free zone. Madayn is also working on more projects in the free zone, which include electricity transmission to the leased companies (cables and transformers), and the broadband project.

Additionally, proposals for the tender of establishing the Facility Building in Al Mazunah Free Zone have already been received. The Facility Building project aims at providing various services and facilities to the investors to facilitate investment operations under one platform. This will eventually boost the adding value of the free zone through integrated services, acceleration of the pace of business, and facilitation of procedures to finalise transactions. The proposed project will be implemented in two phases on an area exceeding 11,000sq m.

It should be noted that Al Mazunah Free Zone was established under Royal Decree 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. General incentives are offered to investors in the free zone, including 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.