Omani Free Zone Duqm Agrees Expansion
by Lorys Charalambous, Lowtax.net, Cyprus
11 November, 2014
The Chairman of Oman's Special Economic Zone Authority in Duqm (SEZAD), Yahya bin Said bin Abdullah al Jabri, recently signed nine land usufruct agreements worth about OMR43m (USD112m) for new projects in the zone.
The land is to be used for a power distribution project, a polymer plant, an industrial gas project, a commercial center, a recreational center, warehouses, pharmaceutical stores, offices, and a shopping mall.
The Chairman said that the agreements reflect the confidence of the private sector and investors in the free zone's prospects.
SEZAD provides several incentives, such as zero percent personal income tax, duty-free sales to domestic and Gulf Cooperation Council markets, exemption from import and export duties, 100 percent foreign ownership, and free repatriation of profits and capital.
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