Oman Zone Signs Port Finance Deal
by Lorys Charalambous, Lowtax.net, Cyprus
24 January, 2017
The Special Economic Zone Authority in Duqm (SEZAD), a low-tax zone located on the coast of southern Oman, has signed an agreement with the China-based Asian Infrastructure Investment Bank to finance Duqm Port.
The company is to provide a USD265m loan, which will be repaid in installments over 25 years, with a five-year grace period.
The financing agreement follows three key agreements signed last year to complete the remainder of works at Duqm Port, as part of the zone's efforts to prepare the Port for commercial operations.
SEZAD is a special economic zone located in Oman, which offers an attractive package of investment incentives and tax cuts to local and international investors. These include streamlined access to land, with long-term leases and reduced rates offered; no restrictions on foreign ownership and minimal investment capital requirements; and a waiver/reduction of corporate tax and customs duties.
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