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Omani FTZ Announces New Copper Tube Mill

by Lorys Charalambous, Tax-News.com, Cyprus

19 April 2016


Oman's SOHAR Port and Freezone announced recently that it has signed a 35,000-square-meter land-lease agreement for a major new copper mill.

A further 30,000 square meters of land has been set aside to increase the plant's capacity to 30,000 tons in the future, according to a statement from the free trade zone.

Construction will commence later this year and the plant is due to begin operations by mid-2018, with full production scheduled by October 2018. It will have a capacity of 15,000 metric tons of high technology copper tubing per year.

"As Oman and its GCC neighbors take active measures towards diversifying their economies, more investments are flowing into sectors such as infrastructure, real estate and hotels, driving significant demand for copper tubes in the construction industry; these tubes are the basic components for every freshwater and cooling system in the region," Jamal Aziz, SOHAR Freezone Chief Executive, said.

"It's estimated that the per capita value of the GCC's construction industry will increase from around USD2,000 per person in 2014, to well over USD3,000 by 2020, and this latest plant in SOHAR is ideally located to serve the region, thanks to our outstanding connectivity to Saudi Arabia and the UAE, as well as the Port's proximity and our excellent ties to Iran," Aziz added.

The business incentives offered by the free trade zone include 100 percent foreign ownership, exemption from Oman's 12 percent corporate tax for up to 25 years, zero percent import and re-export duties, and zero percent personal income tax. The zone is currently home to logistics, petrochemical, metals, and automotive clusters that feed downstream industries with iron, steel, plastics, rubber, ceramics, and chemicals, among other materials.

TAGS: Construction | tax | investment | business | Saudi Arabia | tax incentives | export duty | corporation tax | tax breaks | import duty | construction | trade | individual income tax | Iran | Oman | free trade zone

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