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Oman: Kuwait-based contracting company signs investment agreement in Mazyona Free Zone

Wednesday, 31 March 2010 14:23

Oman (Muscat) - The Public Establishment for Industrial Estates (PEIE) today celebrated at Al Bustan Palace Hotel the signing of the investment agreement at Al Mzyounah Free Zone between PEIE and Kuwait-based Golden Hala for Trading and Contracting company.

The agreement was signed by Maqbool bin Ali Sultan, Commerce and Industry Minister and Chairman of the Free Zone Committee and Board Chairman of PEIE on behalf of PEIE and Dr. Salah Khalifa al Jari , Chairman of Golden Hala for Trading and Contracting company .

In his speech, Maqbool bin Ali bin Sultan said that the interest of the Sultanate's government in developing the free zones comes within the framework of its efforts to avail the investment-friendly environment in the different economic fields. It also emanates from its belief of the ability of the free zones to attract local and foreign investments, develop the local industries and providing job opportunities for national manpower. He welcomed foreign investment in general and Gulf investment in particular especially the Gulf investment achieved a remarkable growth; thanks to the facilities availed by the Gulf Common Market.

He added that the Al Mazyounah Free Zone has good potential for growth due to its excellent location and the availability of a number of trade, industry and service activities related to re-export. This in turn will benefit the Omani and Yemeni economies as wells by adding more vitality to the bilateral trade and enabling them to maximize their benefit from being members at the Arab Free Trade Zone. He hoped that Al Mazyounah Free Zone would serve as an Gulf and Arab gate to markets in North Africa.

On his part, Dr. Salah Khalifa al Jari, Chairman of Golden Hala for Trading and Contracting company said that the investment of his company, one of Al Fanar Jewel, in Al Mazyounah Free Zone, as a developer for the infra and super structures comes in response to the royal call of His Majesty Sultan Qaboos bin Said upon the Arab and foreign investors to invest in all projects in the Sultanate.

In his speech, he said that the company will invest in developing 3 million meters of the total size of the area. It includes setting up a comprehensive areas for services and utilities including roads, electricity networks, water, telephones, as well as, other facilities that meet the world standards for the economic regions. The development project will be implemented in five stages that will start before the end of next April.

He pointed out that the company in collaboration with PEIE will launch a marketing campaign for Al Mazyounah Free Zone. The campaign targets all AGCC, Arab and some East Asian countries. The campaign will promote for the facilities and incentives provided by the Sultanate's government and the strategic location of Al Mazyounah Free Zone, the Gulf gate to Yemen, one of the major consuming markets in the region.

The signing ceremony was attended by Ahmed Rashid al Haroon, Minister of Commerce and Industry in the sisterly State of Kuwait, Sheikh Abdullah bin Nasser al Bakri, Manpower Minister, a number of Majlis A' Shura members, undersecretaries, ambassadors of sisterly and friendly countries , CEO of PEIE and officials at the Commerce and Industry Ministry. (ONA)

Global Arab Network

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Last Updated on Friday, 02 April 2010 22:13

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