Latest news with #LawofSpecialEconomicZonesandFreeZones
Zawya
12-04-2025
- Business
- Zawya
Sohar Freezone announces expansion plans to meet growing demand
Suhar, Sultanate of Oman – SOHAR Port and Freezone, recognized as one of the world's fastest-growing port and freezone developments, has announced plans for a significant expansion of its freezone area to accommodate the increasing demand from prospective tenants. With the first phase nearing full occupancy, the need for additional space has become evident, as numerous businesses express interest in establishing operations in Oman's burgeoning economic hub. This expansion is expected to generate significant economic benefits, including an additional 2.5 million tons of throughput annually, over USD 5 billion in investments, and 500 hectares of leasable land. It will create 300-700 jobs and increase revenue from land leases and local trade, boosting the region's GDP. Over 85% of project components will be supplied by local contractors and suppliers, supporting in-country value. The expansion will begin with the General Design Services Package, followed by construction to deliver new leasable land for businesses and tenants. The expansion of SOHAR Freezone gains powerful momentum with the issuance of Royal Decree No. 38/2025 by His Majesty Sultan Haitham, which enacts the Law of Special Economic Zones and Free Zones following its presentation to the Council of Oman. This new law strengthens the legal and regulatory environment, making Oman's free zones more competitive and attractive for foreign investment. As SOHAR Freezone advances its expansion, it is set to become a powerhouse of industrial growth and trade, unlocking new opportunities for manufacturing, logistics, and innovation, reinforcing Oman's role as a vital gateway to the world. Mohamed Al Shizawi, Acting CEO SOHAR Freezone, VP People and Support Services, stated 'This expansion is a key step in enhancing our capacity to support the region's economic growth. As Oman advances towards the goals of Vision 2040, we are committed to building the infrastructure and economic zones that will attract global investments and talent. By strengthening our position as a business hub, we aim to contribute to Oman's long-term economic development and create shared opportunities for growth and prosperity.' Strategically positioned at the crossroads of global trade routes between Asia and Europe markets, SOHAR Port and Freezone has attracted over USD 30 billion in investments to date. The freezone features a unique integrated complex with a single management structure, allowing for seamless flow of business and a bonded corridor between the port and freezone, with a transit time of only 14 minutes for goods. SOHAR Freezone serves a diverse range of industries, providing essential services including warehousing and logistics, petrochemicals, general trading, automotive logistics, plastics, chemicals and metals. This comprehensive service positions the freezone as a vital center for both local and international businesses, fostering an environment conducive to growth across various sectors. SOHAR Freezone is dedicated to driving economic diversification and fostering a prosperous future for the people of Oman. The expansion not only showcases a vibrant ecosystem of fully operational businesses alongside extensive construction activities but also emphasizes a commitment to sustainability and digitalization. By integrating innovative practices and sustainable solutions, SOHAR aims to enhance supply chain efficiency and solidify its role as a key player in Oman's economic landscape, ensuring long-term benefits for local communities and businesses alike. About SOHAR Port and Freezone As one of the fastest-growing ports in the world, SOHAR Port and Freezone continues to leverage on its strategic location and enhance its services, positioning itself as a key logistics hub within the region and across the world boasting container, liquids, dry and break-bulk terminals. A powerful combination of the expertise of the Port of Rotterdam and ASYAD Group, it is earmarked as one of the Sultanate's mega-projects, home to logistics, petrochemicals, and metal clusters, as well as the region's first dedicated agri terminal. Today, after 20 years of operation, it serves as the main gateway for import and export in Oman, directly contributing 2.1% of the country's GDP and almost 36,000 direct and indirect employment opportunities. With a focus on sustainable development and cutting-edge technology, it is leading the development and modernization of the Sultanate's logistics infrastructure and supporting the economic diversification objectives of Oman's 2040 Vision.
Observer
12-04-2025
- Business
- Observer
SOHAR Freezone unveils major expansion plans to meet rising demand
SUHAR: SOHAR Port and Freezone, recognized globally as one of the fastest-growing port and freezone developments, has announced ambitious expansion plans to accommodate the surging demand from prospective tenants. With the first phase nearing full occupancy, the urgency for additional space has become clear, as numerous businesses express keen interest in establishing operations in Oman's thriving economic hub. This expansion is anticipated to yield substantial economic benefits, including an impressive annual throughput exceeding 2.5 million tonnes, over $5 billion in investments, and the availability of 500 hectares of leasable land. Furthermore, it is projected to create between 300 to 700 jobs, increase revenue from land leases, and stimulate local trade, thereby boosting the region's GDP. Significantly, over 85% of the project components will be supplied by local contractors and suppliers, enhancing in-country value. The expansion will commence with the General Design Services Package, paving the way for construction to provide new leasable land for businesses and tenants. The momentum for SOHAR Freezone's expansion has been further strengthened by the issuance of Royal Decree No. 38/2025 by His Majesty Sultan Haitham. This decree enacts the Law of Special Economic Zones and Free Zones, following its presentation to the Council of Oman. The new law fortifies the legal and regulatory framework, making Oman's free zones more competitive and appealing to foreign investment. As SOHAR Freezone moves forward with its expansion plans, it is poised to become a powerhouse of industrial growth and trade, unlocking new avenues for manufacturing, logistics, and innovation, and reinforcing Oman's critical role as a gateway to global markets. Mohamed al Shizawi, Acting CEO of SOHAR Freezone and VP of People and Support Services, remarked, 'This expansion is a key step in enhancing our capacity to support the region's economic growth. As Oman advances towards the goals of Vision 2040, we are committed to building the infrastructure and economic zones that will attract global investments and talent. By strengthening our position as a business hub, we aim to contribute to Oman's long-term economic development and create shared opportunities for growth and prosperity.' Strategically located at the crossroads of global trade routes between Asia and Europe, SOHAR Port and Freezone has successfully attracted over USD 30 billion in investments to date. The freezone features a unique integrated complex with a streamlined management structure, facilitating a seamless flow of business and a bonded corridor between the port and freezone, with a transit time of only 14 minutes for goods. SOHAR Freezone caters to a diverse array of industries, offering essential services such as warehousing and logistics, petrochemicals, general trading, automotive logistics, plastics, chemicals, and metals. This comprehensive service offering positions the freezone as a vital center for both local and international businesses, fostering an environment conducive to growth across various sectors.
Muscat Daily
12-04-2025
- Business
- Muscat Daily
Sohar Freezone announces expansion plan to meet growing investor demand
Suhar – Sohar Port and Freezone, recognised as one of the world's fastest-growing port and freezone developments, has announced plans for a significant expansion of its freezone area to accommodate the increasing demand from prospective tenants. With the first phase nearing full occupancy, the need for additional space has become evident, as numerous businesses express interest in establishing operations in Oman's burgeoning economic hub. This expansion is expected to generate significant economic benefits, including an additional 2.5mn tonnes of throughput annually, over $5bn in investments, and 500 hectares of leasable land. It will create 300-700 jobs and increase revenue from land leases and local trade, boosting the region's GDP. Over 85% of project components will be supplied by local contractors and suppliers, supporting in-country value. The expansion will begin with the General Design Services Package, followed by construction to deliver new leasable land for businesses and tenants. The expansion of Sohar Freezone gains powerful momentum with the issuance of Royal Decree No 38/2025 by His Majesty Sultan Haitham, which enacts the Law of Special Economic Zones and Free Zones following its presentation to the Council of Oman. This new law strengthens the legal and regulatory environment, making Oman's free zones more competitive and attractive for foreign investment. As Sohar Freezone advances its expansion, it is set to become a powerhouse of industrial growth and trade, unlocking new opportunities for manufacturing, logistics, and innovation, reinforcing Oman's role as a vital gateway to the world. Mohamed al Shizawi, Acting CEO of Sohar Freezone, VP People and Support Services, said, 'This expansion is a key step in enhancing our capacity to support the region's economic growth. As Oman advances towards the goals of Vision 2040, we are committed to building the infrastructure and economic zones that will attract global investments and talent. By strengthening our position as a business hub, we aim to contribute to Oman's long-term economic development and create shared opportunities for growth and prosperity.' Strategically positioned at the crossroads of global trade routes between Asia and Europe markets, Sohar Port and Freezone has attracted over $30bn in investments to date. The freezone features a unique integrated complex with a single management structure, allowing for seamless flow of business and a bonded corridor between the port and freezone, with a transit time of only 14 minutes for goods. Sohar Freezone serves a diverse range of industries, providing essential services including warehousing and logistics, petrochemicals, general trading, automotive logistics, plastics, chemicals and metals. This comprehensive service positions the freezone as a vital center for both local and international businesses, fostering an environment conducive to growth across various sectors.
Muscat Daily
07-04-2025
- Business
- Muscat Daily
His Majesty issues two Royal Decrees
Muscat – His Majesty Sultan Haitham bin Tarik issued on Monday two Royal Decrees reading as follows: Royal Decree No 37/2025 promulgates the Financial Law, after presenting the same before the Council of Oman. Article 1 stipulates that the provisions of the Financial Law attached to this decree shall be enforced. Article 2 states that the Minister of Finance shall issue the Executive Regulation for the law attached to this decree, as well as the decisions for the execution of its provisions. Till such time, the existing regulations and decisions shall stay in effect, without prejudice to the provisions of the aforementioned law. Article 3 cancels the Financial Law, promulgated by Royal Decree No 47/98. It also cancels all that contradicts the law attached to this decree or contravenes its provisions. Article 4 says that this decree shall be published in the Official Gazette and shall be enforced 60 days after its date of publishing. Royal Decree No 38/2025 promulgates the Law of Special Economic Zones and Free Zones, after presenting the same before the Council of Oman. Article 1 stipulates that the Law of Special Economic Zones and Free Zones attached to this decree shall be enforced. Article 2 says that provisions of the attached law, once enforced, shall not prejudice the advantages, incentives, exemptions, facilities and guarantees granted to operating entities and companies operating in the free zones and existing projects in the Special Economic Zone at Duqm. These entities, companies and projects shall continue to retain these advantages, incentives, exemptions, facilities and guarantees until their respective terms expire, in accordance with the legislation and agreements derived therefrom. Article 3 states that the Board Chairman of the Public Authority of Special Economic Zones and Free Zones shall issue the executive regulation of the attached law within one year from its date of issue. The Board Chairman shall also issue the decisions necessary for the implementation of its provisions. Till such time, the existing regulations and decisions shall continue to be enforced without prejudice to the provisions of the attached law. Article 4 cancels the Free Zones Law issued under Royal Decree No 56/2002, as well as all that contradicts the attached law or contravenes its provisions. Article 5 says that this decree shall be published in the Official Gazette and enforced from the day following its date of publishing.
