Times of Oman | News :: Industrial investments in Oman top OMR25.4b

Times of Oman | News :: Industrial investments in Oman top OMR25.4b:

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A view of Sohar industrial estate located near Sohar in Al Batinah governorate.
Photo - Klaus Ottes via Flickr under Creative Commons License

A total of 109 new industries were registered in the first half of 2013, according to records at the Ministry of Commerce and Industry. The number of industrial facilities reached 2,539 by the end of August 2013, with investments totalling OMR25,469,987,623.

According to Ali bin Saif al-Hadi, Secretary to the Industrial Registrar at the Ministry of Commerce and Industry, the industrial facilities are exempted from customs duties on imports, and income tax. Moreover, the labour required to run these is determined according to the size of the projects and actual needs.

Oman witnessed a significant development in the manufacturing sector and Omani products succeeded in attracting foreign investment into the industrial sector. The industrial activities contributed 16.5 per cent of the gross domestic product (GDP) at OMR4,967.0 million in 2012, while the figure stood at OMR3,883.5 million in 2011, with basic chemicals and oil products sector attracting the bulk of fund inflows."

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