MUSCAT: Under the leadership of His Excellency Sheikh Abdulmalik bin Abdullah Al Khalili, Chairman of the State Council, the council discussed a pivotal draft law on special economic zones and free zones aimed at streamlining legislative frameworks for economic development. The proposed law is designed to enhance Oman’s competitive position by offering clearer, more consistent regulatory measures that support business activities and economic growth.
In his opening remarks, His Excellency highlighted the Council’s commitment to advancing Oman’s renaissance through legislative proposals and studies that bolster growth and safeguard the nation’s economic assets. He emphasized the importance of establishing a strong, sustainable economic framework to maintain stability and foster long-term prosperity.
The session’s agenda included a review of the Economic and Financial Committee’s report on the proposed law. This review offered detailed insights into the provisions of the law and how it aims to unify the legislative system for economic and free zones under one framework. The move is expected to enhance regulatory consistency and give the General Authority for Special Economic Zones and Free Zones (OPAZ) greater flexibility in managing future expansions and overseeing projects.
Key highlights of the proposed law include policies for income tax exemptions, with a maximum period of 10 years, extendable for two additional terms based on project size and value addition. It also includes unified incentives, guarantees, and regulatory benefits across all zones, while allowing tailored distinctions where necessary. Simplified procedures for obtaining licenses and approvals are another critical aspect aimed at attracting strategic investments and enhancing Oman’s appeal as a prime investment destination.
