Paiped, Sezad team up to promote Duqm SEZ [Times of Oman]
(Times of Oman Via Acquire Media NewsEdge) Muscat: Oman's Special Economic Zone Authority at Duqm (Sezad), in partnership with the Public Authority for Investment Promotion and Export Development (Paiped), have signed a Memorandum of Understanding (MoU) designed to promote Duqm SEZ to domestic and international investors.
The MoU was signed by Dr Salem ben Nasser Al Ismaily, chairman of Paiped and Yahya bin Said Al Jabri, chairman of Sezad, on Thursday.
The Paiped chairman, said: "The MoU will allow both authorities to highlight Duqm SEZ as a major success story that will generate significant international business interest, attract investment and create employment. Its potential is enormous."
Located in the Al Wustah region in Central Oman, 550km south of Muscat, Duqm SEZ is the largest development of its kind in the Middle East and North African (Mena) region and has already attracted significant interest from businesses in Asia, Europe and the Americas. Strategically located on the Arabian Sea coast, Duqm SEZ is tipped to become a key hub and gateway not only to Oman, but also to the rest of the Middle East, North and East Africa and South Asia regions.
Conceived as a logistics hub, Duqm SEZ covers 1,770 square kilometres and has been earmarked as Oman's next industrial centre, with investments of up to $15 billion targeted in petrochemicals and infrastructure over the next 10 years. The government is also targeting $5 billion foreign investment in Duqm over the next five years, and projects worth $18 billion have either already been built or are planned for the town. Import and export
"Working together, Paiped and Sezad will promote Duqm SEZ which has the potential to take Oman's industry to new heights and increase the Sultanate's import and export trade, providing lucrative upstream and downstream opportunities for local and foreign investors at both ends of the supply chain.
Moreover, it has advantageous investor benefits, including 100 per cent foreign ownership. Combine that with existing trade agreements and financial incentives, and Duqm SEZ becomes a highly attractive proposition," remarked Dr Al Ismaily.
Al Jabry said at Thursday's press conference: "I want the world to know about the outstanding opportunities and assets on offer in Duqm, and by partnering with Paiped we'll gain access to the authority's network of international trade representatives and coorganise a range of marketing initiatives."
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