Investment Applications Grow by 25 Percent in PEIE

The Investment applications in various

industrial estates pertaining to the Public Establishment for Industrial

Estates (PEIE) witnessed growth in January 2018 as 76 investment

applications were received compared to 61 applications during the

same period in 2017. This growth notes an increase of 25%.

The highest number of investment applications was recorded in

Raysut Industrial Estate with 14 applications, followed by 12

applications in Sohar Industrial Estate, nine applications in Sur

Industrial Estate, seven applications in Sumail Industrial Estate, three

applications in Nizwa Industrial Estate, and two in Al Buraimi Industrial

Estate.

The movement of investment applications in the various industrial

estates is expected to grow further during the coming period, especially

with the recent announcement by PEIE of the new incentives and

investment regulations that shall attract and encourage investors to

invest in the Sultanate.

The investment demand in Al Mazunah Free Zone also increased in

January 2018, as 29 investment applications were recorded compared

with two applications noted during the same period in 2017. The PEIE

continuously seeks to develop the investment environment in Al

Mazunah Free Zone. The free zone has launched its electronic system

this year, which comes in line with PEIE’s strategy of electronic

transformation in all its transactions. The free zone, therefore, has

stopped receiving hard copy documents of all transactions related to

the movement of goods.

The Ministry of Manpower and Oman Chamber of Commerce and

Industry (OCCI) have commenced working at the one-stop shop in the

free zone to offer their services to the operating companies in the free

zone. With regard to the cooperation with the Ministry of Commerce

and Industry, the ministry has delegated its full powers to the free

zone’s employees.

Additionally, the Directorate General of Customs of the Royal Oman

Police has commenced provision of services to investors, traders and

operating companies at Al Mazunah Free Zone’s customs area. These

efforts will play a role in enhancing the business environment in the

free zone, making it an attractive destination of local and foreign

investments alike. The tender of developing the second phase of the

free zone has been announced, and it is hoped that the contractor will

commence work before the end of the first half of this year.

Source: Oman News Agency