Sunday, 20 Oct 2019 | 21 Safar 1441
Duqm: A trailblazer in Oman’s economic development, progress

Duqm: A trailblazer in Oman’s economic development, progress

Today, the zone is attracting nearby and international investments and believed by numerous to be the stepping stone to increase Oman’s economy.

To leading it all, it is anticipated that the China-Oman Industrial Park in Duqm will see about 35 projects at a price of about US$10.7bn.

At the pace Duqm is building, it is becoming a regional hub for economic progress to fulfil the vision of His Majesty Sultan Qaboos bin Said and emerge as the most appealing investment location in the globe more than.

 

Earlier this year, the Ministry of Transport and Communications and the Special Economic Zone Authority in Duqm (SEZAD) officially opened the Duqm Airport. It occupies a total region of 27,386sq m and has an estimated capacity of half a million passengers a year with the possible to expand to 2mn passengers a year.

Reggy Vermeulen, chief executive officer, Port of Duqm, had stated, “The opening of the new airport is a essential stage in the improvement of the Special Economic Zone in Duqm.

“It will also give access to more passengers both locally and internationally. It shall also increase the potential of bringing cargo into the area.”

As element of its commitment to shaping the future of logistics sector in Duqm, Port of Duqm Co not too long ago signed 4 lease agreements for a total of about 70,000sq m logistics land, which will be leased out for 24 years. Port of Duqm Co, a joint venture in between the Government of Oman and the Belgian consortium Antwerp Port, has several roles as a port authority, terminal operator and landlord of three,000 hectares of land (port bound, logistics, liquid bulk and mineral processing land).

 

Despite the challenges, Duqm’s improvement is progressing as per plans and it appears like all the economic indicators are promising, according to SEZAD, the physique that supervises activities in the zone. SEZAD has allocated vast lands to investors from about the globe for projects.

SEZAD was set up following the issuance of the Royal Decree 119/2011 which ordered to create the region into a regional maritime and transit-trade hub, an essential complicated for export-oriented industries, and an appealing tourism location on the Arabian Sea.

The Omani government as well has invested substantial public funds and executed a number of strategic projects to unlock the economic possible of the zone which includes developing a multi-objective industrial port, a state-of-the-art drydock facility for ship upkeep, a energy plant, a desalination plant and roads.

Duqm is anticipated to play a crucial part in supplying jobs to a big quantity of Omanis. Apart from job creation, Duqm is attracting Omani SMEs that are bagging contracts from nearby and international organizations.

According to the Special Economic Zone Authority in Duqm, the zone provides an appealing package of investment incentives and tax cuts that aim at enhancing enterprise atmosphere for the private sector and enhancing its competitive standing.

The zone gives simple access to land on lengthy-term lease and lowered prices. It also provides relaxation of any restriction on foreign ownership and minimum investment capital, waiver/reduction of corporate tax and customs duties as effectively as incentives such as the waiver of private earnings tax, convertibility of currency, and the complete repatriation of investment capital and income.

Information Source: Muscat Daily

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