SEZAD offers lucrative incentives to investors

MUSCAT, SEPT 5

The Special Economic Zone at Duqm (SEZAD), located in Al Wusta Governorate at the heart of the Sultanate of Oman, is emerging as a key business hub in the Middle East and North Africa (Mena) region. Spanning an extensive area of 2,000 square kilometers, SEZAD offers a diverse range of economic, tourism, and service development zones, positioning itself as an attractive investment destination.

One of the most prominent features of SEZAD is its state-of-the-art multi-purpose port, equipped to handle various cargo types and accommodate large vessels. This port serves as a vital gateway for international trade and a strategic link between Oman and other global markets. Additionally, the presence of a dry dock for ship repairs and a fishing port further enhances the economic activities within the zone.

SEZAD boasts a regional airport that facilitates seamless connectivity, allowing businesses and tourists to access the zone conveniently. This airport plays a crucial role in promoting tourism, industrial growth, and logistics within the Special Economic Zone.

Investors are drawn to the SEZAD due to its appealing investment incentives. In a post, SEZAD said the zone offers 100 per cent foreign ownership, providing international investors with greater control and flexibility over their business operations. Furthermore, companies can benefit from a flexible Omanisation rate of up to 10 per cent, allowing them to strike a balance between local employment and skilled foreign workforce.

One of the key attractions for businesses considering SEZAD as their investment destination is the income tax exemption for a period of 30 years. This exemption significantly reduces the financial burden on companies, enabling them to allocate resources towards expansion, innovation, and job creation.

Import and re-export duties are set at 0 per cent within the Special Economic Zone, encouraging international trade and facilitating the movement of goods. This favorable trade environment stimulates economic growth and attracts businesses engaged in import-export activities.

SEZAD offers investors the advantage of no minimum capital requirement, making it easier for startups and small businesses to establish their presence within the zone. This flexibility fosters an entrepreneurial ecosystem and encourages the growth of diverse industries.

To further incentivize long-term investments, SEZAD provides right-to-benefit conventions for up to 50 years. This stability and security allow businesses to plan for the future with confidence, ensuring a conducive environment for sustained growth and profitability.

The strategic location of SEZAD, combined with its robust infrastructure, diverse economic zones, and investment incentives, positions it as an ideal destination for both local and international investors. The zone's emphasis on economic, tourism, and service development zones creates a dynamic ecosystem that fosters growth, innovation, and job creation.

As the largest Special Economic Zone in the Middle East and North Africa, SEZAD plays a pivotal role in Oman's economic diversification and development plans. The Sultanate of Oman continues to invest in the development of SEZAD, further enhancing its infrastructure and attracting investments across various sectors.