Oman’s Special Economic Zone Authority Duqm (Sezad), which is overseeing the implementation of the economic hub on the sultanate’s Wusta coast, will unveil a new investment and commercial arm, according to a report.
 
The new entity, which has been proposed to be called ‘Oman Company for Duqm Development,’ is currently in the process of being registered and incorporated with a mandate to own, manage and operate the assets created by the authority within the SEZ, said the Gulf Base report.

The new company is aimed at enabling the authority to focus on its core function as regulator of the Duqm SEZ, Saleh Hamood Al Hasani, director of Investor Services, Sezad.

“Oman Company for Duqm Development will operate on a commercial basis, with responsibility for ensuring the suitable development and acceleration of the project, bringing in investment, promoting the project itself, leasing land, and providing all required approvals to investors. The company will be wholly owned by the authority,” he stated.

The company is in the final stages of establishment and has already begun providing some service to the public, although the focus is on building up its capacity, said the report.

“Once the company is established and well-settled, definitely there is a strategy to open it to the public,” Al Hasani added.