Oman announced Monday that it will develop a free zone adjacent to the port of Salalah, the Gulf News reported Tuesday.
The Omani government and Salalah Port Services Co (SPS) Monday signed a new 30-year concession agreement appointing SPS as the manager and operator of the conventional cargo port and acting as the port authority on behalf of the government, the paper added.
On the free zone project, the sultanate signed on the same day a memorandum of understanding (MoU) naming SPS the project manager, and Dallas-based Hillwood Development, as specialist developer.
According to the daily, the SPS/Hillwood team will advise the government on the initial phase of the development including incentives to be made available to free zone clients; to develop the business, financial and marketing plans for the project; to form the new operating company; and to secure Omani investors for a minimum of 20 percent of the development.
Oman has put efforts to vary its sources of income, and succeeded in its exports policy, according to reports. The Gulf monarchy depends on oil for 99 percent of its GDP - Albawaba.com
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