The Public Authority for Special Economic Zones and Free Zones (OPAZ), Oman and Asyad Group signed a momentous concession agreement to kick off the development of the highly anticipated Muscat International Airport Free Zone.

Under the landmark concession agreement, Asyad – Oman’s global integrated logistics provider –will develop, manage and operate the Sultanate of Oman’s first airfreight-focused free zone.

This agreement aims to help deliver the government’s masterplan and objectives for the free zones and special economic zones sectors and strengthen their vital role as levers of economic diversification.

The 1.7-million-sqm of the Muscat International Airport Free Zone will be developed over multiple phases, with Asyad Group in charge of developing, operating and managing Phase I (370,000 sqm) of the project. The first package of the development will consist of land and construction works and power and lighting instillations, and it will feature a host of diverse facilities and services.

The planned free zone is set to become a global hub for logistics, optimizing returns from innovative solutions, creating value, offering market-leading transshipment services, and fueling multimodal transport and logistics in Oman.

Along with its vast area, the free zone will capitalize on its strategic location at Muscat International Airport to facilitate the localization of a variety of industries and enable players to add value to imports before re-exporting and distributing them. The free zone will also offer world-class logistics facilities to support the burgeoning express shipping and e-commerce industries.

Through its advanced facilities and state-of-the-art infrastructure, the free zone will provide the ideal business-friendly environment that light industry can leverage companies to boost their growth and access global markets through seamless logistics integration with Muscat International Airport, as well as Oman’s vibrant seaports and land ports.

Muscat International Airport Free Zone will boast a wide range of tailored investment solutions, including logistics and commercial plots, ready-to-use warehouses, premium office spaces, and a variety of shipping options.

The free zone will also offer a multitude of attractive incentives, such as 100 percent foreign ownership, zero import and export duties, no minimum capital requirements, up to 15 years of income tax exemption, and a single point of contact for all permits, licenses and approvals.

Moreover, the agreement was signed by Eng. Ahmed Hassan Al Deeb, Deputy Chairman of OPAZ and Eng. Abdulrahman Salim Al Hatmi, CEO of Asyad Group.