Oman’s Sohar Freezone has been recognised for an award by fDi Magazine, a part of the UK’s Financial Times newspaper group, in its annual search for the best free zones.

Sohar Freezone won the ‘New Investments Award’ in the 2016 fDi Magazine Free Zones of The Year Awards, said a statement.

Sohar is the only winner in this category in the Middle East region, it said.

Editor Courtney Fingar congratulated the freezone on this significant achievement as she presented the award to Sohar’s executive commercial manager Marc Evertse, it added.

Sohar Freezone CEO Jamal T Aziz, said: “Despite the currently low oil prices and all the global economic volatility, interest in our freezone has not declined and we have seen some significant new investments signed over the past year.”

“For example, Chinese investors from the Jiangsu Changbao Steel Tube Company are building a greenfield steel mill to produce seamless steel pipes for a broad range of industries, including oil and gas extraction, chemicals, automobiles and machinery manufacturing,” he said.

The prospects for continued strong growth at Sohar Freezone look positive, with its prime location next door to one of the world’s fastest growing ports, handling over 2,500 ships a year and an abundant supply of feedstock, said a statement.

Combined with excellent landside connectivity, boasting new and uncongested highways to the UAE, Saudi Arabia and the other Gulf States, reasonable energy rates and a supportive legal and regulatory framework, the freezone is well on track for more success in the years ahead as planning commences to develop phase two, it stated.

Sohar Port CEO Mark Geilenkirchen, said:  “Oman is concentrating on the logistics and transportation sector through a consolidated and long-term logistics strategy.”

“The plan is to improve soft infrastructure, support mechanisms and national institutions, to catapult the Sultanate into the top ten of the world’s most logistics-friendly economies by 2040,” he said.

“As one of the region’s prime logistical hubs, Sohar will play a critical role in these plans. We envisage developing the freezone as a hub for innovation, especially in the logistics sector,” he added. – TradeArabia News Service