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Sat, 21 Nov 2009 | 08:51 GMT
 

Sohar SEZ set to become global hub for business

 Oman Daily Observer
 
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17 January 2009
MUSCAT -- The Sohar Special Economic Zone, a joint initiative of the Omani government and strategic international investors, is set to become a global hub for downstream industries, logistics and business services, it was revealed here yesterday. Details of the ambitious project were outlined at ceremonies marking the official opening of the head office of Sohar Industrial Port Company (SIPC)Sohar Industrial Port Company (SIPC)Loading..., a 50:50 joint venture that operates and manages the Port of Sohar.

A host of international and local dignitaries attended the inauguration of the imposing SIPCSIPCLoading... head office at the Port of Sohar yesterday. Leading the line-up were Willem-Alexander, Prince of Orange and heir apparent to the Dutch throne, along with his wife Princess Maxima; Maqbool bin Ali Sultan, Minister of Commerce and Industry and Chairman of SIPCSIPCLoading...; the Walis of Sohar and Liwa; Jan Meijer, CEO of SIPCSIPCLoading...; Hans Smits, CEO of the Port of Rotterdam Authority, and Jamal T Aziz, Deputy CEO of SIPCSIPCLoading.... Also present were a number of government officials and local personalities.

According to officials, the Sohar SEZ, along with other initiatives, such as the expansion of the Port of Sohar and investments in a deepwater jetty to support a huge iron ore pelletising plant by Brazilian giant Vale, will further accentuate the industrial port's importance as a driver of economic growth in the Batinah region. The SEZ project is being spearheaded by Sohar International Development Company, a joint venture between the Omani government, the Port of Rotterdam in the Netherlands, and SKIL Infrastructure of India. The three partners will serve as the Sohar SEZ Authority until the year 2043 under a concession agreement signed last year.

Development of the 4,500-hectare zone is planned in four phases. Envisaged in the first phase, covering an area of 500 hectares, are a number of downstream industrial and petrochemical ventures, warehousing and logistics services, and so-called 'soft' investments, such as educational, medical and other service-related amenities. A master-plan drawn up for Phase 1 of the SEZ project envisions investments organised into the following clusters: Trading & Logistics (121 hectares), Light Manufacturing (68 hectares), Petrochemicals (26 hectares), Aluminium activities (18 hectares), Iron & Steel (100 hectares), Cement grinding (7 hectares), and Education & Services (20 hectares).

Significantly, the Sohar SEZ Authority plans to offer a range of business incentives to attract local and international investment into the project. This includes a policy of no minimum capital requirements, 100 per cent foreign ownership, free repatriation of capital and profits, relaxed corporate tax holiday, competitive land lease tariffs, and duty exemptions on imports and exports (with only 5 per cent duty on sales to the Omani market). Permits and approvals will be processed expeditiously through a One-Stop-Shop arrangement. Furthermore, investors will enjoy a host of competitive advantages by virtue of the SEZ's strategic geographic location outside the Strait of Hormuz, and its access to world-class logistics, say officials.

Equally advantageous is the Zone's proximity to the major markets of the Gulf, Middle East and the Indian sub-continent. Plans for an international airport and a new rail system at Sohar will further enhance the project's investment appeal, it was pointed out. Meanwhile in presentations to the visiting Dutch dignitaries, senior port officials highlighted the strength of the partnership between the Government of Oman and the Port of Rotterdam in securing Sohar's future success as an industrial port and global business hub.

Hans Smits, CEO of the Port of Rotterdam, affirmed his organisation's commitment to invest in the expanded Port of Sohar and Special Economic Zone. He praised the business strategy of the Omani government and commended its commitment to sustainable development and the environment. Alluding to the Port of Sohar's multinational investment appeal, Jan Meijer, CEO of SIPCSIPCLoading..., described the port as a "United Nations of Industries" that was backed 100 per cent by the Omani government. He also noted SIPCSIPCLoading...'s desire to deepen its ties to the local community.

By Conrad Prabhu

© Oman Daily Observer 2009

 
 
 
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