Oman Offers Incentives to Investors
Oman, in a bid to attract foreign capital, will offer 30-year tax breaks and other incentives to investors operating in a free zone being built in the southern port city of Salalah, a project official said Monday.
Ali Grazioli, senior vice president of Texas-based Hillwood Development, said that investors would also be allowed full ownership of businesses set up in the free zone, according to the Gulf Daily News.
In addition, no minimum capital will be required and there will be no restrictions on repatriation of capital, profits and investments, he added.
Oman in September appointed Salalah Port Services as the zones manager and Hillwood as its developer.
Omani officials have said they are aiming to lure firms listed on the prestigious Fortune 100 list of top global companies to Salalah.
The zone will be set up at Salalah port and construction of the $90 million first phase is expected to finish in 2002 – Albawaba.com