Omani Economic Free Zones Reviews Investment Opportunities for Saudi Investors
The Oman Free Economic and Free Zones Authority recently showcased a plethora of investment opportunities to Saudi investors, underscoring the symbiotic relationships between the two Gulf nations.
This initiative reflects Oman’s strategic vision to bolster its economic ties and foster mutual growth with its neighboring countries, particularly Saudi Arabia.
By leveraging the competitive advantages of its Free Zones, Oman aims to attract Saudi investors and enterprises to partake in its economic diversification journey.
Overview of Event
A significant event, organized by the Saudi Chambers of Commerce, took place where a delegation from the Oman Free Economic and Free Zones Authority, led by Dr. Ali Al Sunaidi, engaged with Saudi businessmen.
The event was attended by prominent figures including the Acting Secretary-General of the Union, Walid Al Arinan, Deputy Minister of Investment, Badr Al Badr, and the President of the Saudi-Omani Business Council, Nasser Al Hajri, to discuss the investment opportunities available for Saudi investors in these zones.
Investment Opportunities in Omani Free Zones
The meeting shed light on the investment prospects within Oman’s 22 economic and free zones, which collectively have attracted investments totaling around $43 billion.
Notable zones among these include Duqm, Salalah, Sohar, Al Mazunah, and Madinat and Khazaen.
The incentives offered in these zones are quite attractive, encompassing income tax exemptions ranging from 10 to 30 years, customs tax exemptions for equipment and raw materials, and 100% foreign ownership with no minimum capital requirement.
Targeted Sectors, Proposed Facilities
Discussions at the event centered on key opportunities in targeted sectors and the proposed facilities for the Integrated Economic Zone project in the Dhahirah Governorate, which is situated 20 kilometers from the Empty Quarter crossing.
This project, a Saudi-Omani partnership, is expected to significantly enhance the trade volume between the two countries.
The engagement between Saudi investors and the Oman Free Economic and Free Zones Authority underscores the potential of Omani Free Zones as hubs for investment and economic cooperation.
By promoting Saudi investments in these zones, Oman not only diversifies its economic portfolio but also strengthens the bilateral trade relations, laying a strong foundation for long-term economic collaboration between the two nations.
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