Riyadh, SPA: The Federation of Saudi Chambers (FSC) organized a meeting here on Monday between Saudi business owners and a Public Authority for Special Economic Zones and Free Zones in the Sultanate of Oman (OPAZ) delegation headed by OPAZ Chairman Dr. Ali bin Masoud Al Sunaidy.
The meeting, also attended by FSC Acting Secretary General Waleed Al-Areinan, Ministry of Investment Undersecretary Badr bin Ibrahim Al-Badr, and Saudi-Oman Business Council Chairman Nasser Al Hajri, discussed investment opportunities available to Saudi investors in Oman’s 22 special economic and free zones, most prominent of which are Duqm, Salalah, Sohar, Al-Mazyunah, Madayn and Khazaen.
Total investment in the zones amounted to nearly $43 billion.
The meeting also mentioned incentives offered in these zones, including income tax exemption from 10 to 30 years, customs tax exemption on equipment and raw materials, 100% foreign ownership, and no minimum capital.
The discussions focused on the most important opportunities in the targeted sectors and the proposed incentives, benefits and facilities available in the integrated economic zone project in Al Dhahirah Governorate.
The economic zone, which is 20 km from the Empty Quarter entry point, is being established as a Saudi-Omani partnership. It is expected to contribute to an increase in the volume of trade between the two countries.