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Three new free zones to attract investments: Business leaders

5 Mar 2022 MCT airport By MOHAMMED TAHA

Muscat – To achieve comprehensive and sustainable development in the sultanate and to make it more attractive for investment, His Majesty Sultan Haitham bin Tarik issued Royal Decree No 10/2022 last week to set up three free zones – Muscat International Airport Free Zone, Sohar Airport Free Zone and Salalah Airport Free Zone.

Following the announcement, Muscat Daily spoke with business leaders who hailed the decision and its long-term aim of achieving sustainable growth in the sultanate.

Dr Ibrahim al Balushi, CEO of Karwa Motors, believes the free zones will attract investments from abroad and stimulate the national economy. “These free zones will be an incubator for local and international companies that will contribute to diversifying sources of income and increasing the competitiveness of the national economy, in addition to transferring knowledge and skills to the sultanate,” Balushi said.

He noted that the Omani economy “needs to stand up to global competition, attract foreign capital and create job opportunities.”

According to Nasser al Hosni, a businessman, the Public Authority for Special Economic Zones and Free Zones has succeeded in attracting several foreign companies and supported the economy in various industrial and logistic activities worth billions of rials, besides creating job opportunities in the past few years.

“Special Economic Zone Authority at Duqm is the best example of attracting global investments. I believe these three new free zones will further enhance Oman’s logistics sector as well as develop resources for the state’s public treasury and increase Omani exports,” Hosni said, adding that the free zones will also indirectly contribute to increasing tax revenues.

Ali Mansoor al Sulaimi, owner of Tumirat, an Omani brand of traditional Arabic sweets made with premium dates, said free zones in developing and developed countries strengthen the investment climate. “Free zones also speed up and facilitate diversified businesses and create job opportunities for jobseekers.”

According to an official in the Ministry of Economy, the latest statistics – of 2020 – indicate that more than 800 companies operate in the special economic zones and free zones in the sultanate. The volume of investments in these companies was over RO7.3bn and these employed close to 36,000 workers.

“The Royal Decree to establish new free zones will support the goals of the tenth Five-Year Plan (2021-2025) in many areas, including supporting the private sector and international cooperation, and achieving economic diversification and financial sustainability.”

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