Muscat – Salalah Free Zone, a regional business hub for industrial and logistics activities, has signed five new investment agreements worth RO44mn with a local and international investors from Kuwait, Iraq, Jordan, and Hong Kong.

The first agreement was signed with Naseem Salalah Trading and Manufacturing Industries Company, representing Iraqi investment, to establish a factory to produce paper tissues with an investment of RO38mn.

The zone signed second agreement with Kuwait Engineering Industries Company, which will establish a modern factory for manufacturing air conditioning devices bearing the brand name ‘Moria’ at an investment cost of RO4.56mn. The factory will have a production capacity of 90,000 air conditioning units annually.

The third agreement with Tawfiq Medical Supplies Company from Jordan includes the establishment of a specialised factory for the production and refilling of blood sugar test strips, with an investment amounting to RO760,000 and a production capacity of up to 100mn sugar test strips annually.

The fourth agreement was with an Omani firm, Wadi Hawjar Company, to establish a specialised factory for mixing and producing raw materials from frankincense derivatives with an investment amounting to RO247,000.

The fifth and last agreement was with Green Stream Solutions Company from Hong Kong, which plans to establish an import, repackaging, and export company for potash fertilizers in Salalah Free Zone with an investment of RO57,000.

The agreement signing ceremony was attended by Dr Ali bin Mohammad Tabuk, CEO of Salalah Free Zone, and a number of officials in the region and investing companies.

Earlier this month, Salalah Free Zone, which is operated by Asyad Group, celebrated the inauguration of three new export-oriented projects in the foods, petrochemicals, and mining industries.

Salalah Free Zone reported impressive investment growth in 2023, securing new investments worth RO728mn during last year.

The zone signed nine new investment agreements, allocated 1.2mn square meters of leased land, and issued eight construction permits during 2023, according to data issued by Salalah Free Zone.

Salalah Free Zone achieved significant milestones during 2023, including a substantial increase in investment size, quantity, and the leasing of extensive land areas, emphasizing the zone’s commitment to the sultanate’s economic development.

These accomplishments have led to a substantial surge in the cumulative investment in Salalah Free Zone, now exceeding RO4.5bn. The land occupancy rate has crossed the 50% mark, with 129 investments and a leased land area of 6mn square meters, the data showed.

By December 2023, as many as 39 projects were operational in the Salalah Free Zone, with an additional 21 projects under construction, showcasing the zone’s growing attractiveness to businesses and investors.

Salalah Free Zone, in collaboration with Omani authorities, is dedicated to providing comprehensive support facilities for hosted industrial projects. The zone’s goal is to identify opportunities across various economic sectors and establish enduring partnerships with customers. This involves creating modern, integrated infrastructure in a strategically located area, offering attractive incentives, a secure environment, and reliable services.

As a premier hub for high-quality industrial and logistical activities, Salalah Free Zone extends various economic incentives, advantages, and facilities to investors. Noteworthy among these are tax exemptions and the right to full foreign ownership of investment projects.

Additionally, the zone’s strategic location next to the Port of Salalah, overlooking major global shipping routes, positions it among the world’s top-tier commercial ports.

© Apex Press and Publishing Provided by SyndiGate Media Inc. (