The Public Establishment for Industrial Estates – Madayn signed an agreement with Shumookh Investment and Services to establish Facility Building at Al Mazunah Free Zone.
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The agreement was signed by Said bin Abdullah Al Balushi, director-general of Al Mazunah Free Zone, and Eng. Musallam bin Juma’a Al Hudaifi, Chief Executive Officer of Shumookh Investment and Services.
The facility building will be implemented in two phases, as phase one will comprise four floors while phase two will add two more floors as per the requirements of the market at that particular time. The project, which will be constructed at a strategic, visible and easy-to-reach location, will include a mixed-use space, Masar Service Centre, restaurants, office space for import and export services, and an area for investments. As per the time frame, the project is expected to be completed during the first quarter of 2021.
It should be noted that general incentives are offered to investors in Al Mazunah free zone, including customs’ exemptions, 100 per cent foreign ownership, no minimum capital requirements, and Omanisation rate stands at 10 per cent. Other incentives include easy access of individuals and investors to the free zone without entry visas being required for Yemenis, facilitation of employing Yemeni workforce without work visa being required, in addition to other incentives.
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