FSC convened Saudi business leaders with OPAZ delegation in Oman
Riyadh, October 31, 2023, In a recent development, the Federation of Saudi Chambers (FSC) orchestrated a significant gathering that brought together Saudi business leaders and a delegation from the Public Authority for Special Economic Zones and Free Zones in the Sultanate of Oman (OPAZ). Dr. Ali bin Masoud Al Sunaidy, Chairman of OPAZ, led the delegation, underlining the importance of this meeting.
The meeting, held on a Monday, was a pivotal event attended by key figures, including Waleed Al-Areinan, the Acting Secretary General of FSC, Badr bin Ibrahim Al-Badr, the Undersecretary of the Ministry of Investment, and Nasser Al Hajri, Chairman of the Saudi-Oman Business Council. These distinguished individuals convened to explore the myriad investment opportunities awaiting Saudi investors in Oman's impressive array of 22 special economic and free zones. Notably, the most prominent among them include Duqm, Salalah, Sohar, Al-Mazyunah, Madayn, and Khazaen.
A staggering sum of nearly $43 billion has been invested in these zones, underscoring the tremendous potential they offer. The meeting served as a platform to discuss the incentives presented by these zones, which are designed to attract investors. These incentives include an income tax exemption that extends from 10 to 30 years, customs tax exemptions on equipment and raw materials, the freedom of foreign ownership up to 100%, and the absence of any minimum capital requirement.
Central to the discussions were the vital opportunities within the targeted sectors, along with the proposed incentives, benefits, and facilities made available within the comprehensive economic zone project situated in Al Dhahirah Governorate. Notably, this economic zone is strategically located just 20 kilometers from the Empty Quarter entry point and represents a collaborative endeavor between Saudi Arabia and Oman. Its establishment is poised to significantly bolster trade between the two nations, marking a substantial step in furthering economic cooperation.