| 02 Sep 2010 |
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Contract to develop Sohar free zone soon
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MUSCAT: Plans to develop a large free zone in Sohar is gathering momentum with the authorities set to award a contract for civil work for the first phase
development soon.
"The contract for the civil work will be awarded by next week," Neelima Vyas, deputy chief operating officer of Port of Sohar told Times of Oman.
Envisaged in the first phase, covering an area of 500 hectares, are a number of downstream industrial and petrochemical ventures, warehousing and logistics services.
The total investment for developing the first phase is estimated at RO20 million, Vyas said, on the sidelines of an open forum on business opportunities in Sohar Industrial Area, organised by Oman Chamber of Commerce and Industry (OCCI). The first phase is part of a large plan to develop a 4,500-hectre zone in four phases and the free zone authorities are getting ready with the master plan design.
The first phase project envisages investments in different clusters, including trading and logistics, light manufacturing, petrochemicals, aluminium activities, iron and steel, cement grinding and education and services.
"The free zone will attract small and medium enterprises," noted Jamal T. Aziz, deputy chief executive officer, Port of Sohar.
Aziz also noted that a new law for the free zone will be published within the next few weeks.
Imports, exports duty
Vyas said that the development of the entire free zone will take 15 years. Now, as many as six companies have evinced interest in setting up industries within the free zone. Some of the companies will start building their facilities in either October of November.
She added that the free zone will provide facilities like water (for different purposes like drinking, cooling, etc), power and road. Further, specialised logistics firms will provide warehouse facilities for
the tenants.
Sohar free zone is spearheaded by Sohar Industrial Development Company and SKIL Infrastructure in India. Operating from a strategic location on the Arabian Peninsula, Sohar offers an ideal venue for business growth.
The combination of wide market access, sound global logistics and business incentives are some of the major attractions for investors across the world to come to Sohar.
Other attractions for business units within Sohar free zone include 100 per cent foreign ownership, free repatriation of capital and profits, corporate tax holiday for ten years, with possibility to extend this period depending upon criteria based extension, no duty on imports and exports and no minimum capital requirements.
The open forum was attended by Khalil bin Abdullah Al Khonji and Khalid bin Mohammed Al Zubair, who are chairman and vice-chairman of OCCI, respectively, and top-level executives of companies based in Sohar Industrial Area.
By A. E. James
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