SEZAD and OCCI Signs an MoU
June 29, 2015
The Special Economic Zone Duqm (SEZAD) and the Chamber of Commerce and Industry of Oman (OCCI) signed on Tuesday, June 30, 2015 a memorandum of understanding (MoU) to regulate their cooperation towards the provision of the best services to investors through the one-stop shop in SEZAD. This was as stipulated in the Royal Decree 119/2011 establishing SEZAD and Royal Decree 79/2013 issuing SEZAD System.
The MoU was signed by H.E. Yahiya bin Said bin Abdullah Al-Jabri, SEZAD Chaperon, and H.E. Said Bin Saleh Al-Kiuymi, OCCI Chairman.
Royal Decree 119/2011 stipulates the establishment of a single investment window to provide all the necessary services for the establishment of investment projects within the Zone, while Royal Decree 79/2013 stipulates that all the necessary services for the projects should be provided through the one-stop shop. Article (12) of the latter Decree obligates SEZAD to create an online portal to provide all information necessary on the Zone, while Article (24) of the Special Economic Zone System states that OCCI shall issue and approve certificates of origin and source for projects in the Zone.
According to the MoU, OCCI shall register and renew registration of projects that are subject to the OCCI Law. It shall also ratify sale bills after review, grant and approve certificates of origin and the source, validate commercial guarantees and ability of financial guarantors, certify the validity of documents it issues and the signatures of stakeholders on them. OCCI shall also ratify the other commercial and industrial certificates necessary for commercial and industrial business, state registered members and their businesses and grades, and register commercial arbitration documents submitted to it by appointed arbitrators or related parties. OCCI shall carry out the tasks of commercial or industrial nature, including commodity inspection, audit of disputed services, ratification of reports and certificates prepared by experts and trade representatives, and provision of information on the prices of commodities traded on certain dates in local commercial markets.
Under the MoU, OCCI will provide these services through the one-stop shop in the Zone through its applicable programs and regulations. It will send one or more of its employees to the one-stop shop in SEZAD.
The MoU also stipulates the organization of cooperation between the two sides in a number of other aspects, notably promotion of the Zone inside and outside the Sultanate through organizing lectures, seminars, workshops and economic conferences and exhibitions in the Sultanate and participating in the events held abroad.
OCCI is also cooperating with SEZAD to settle the disputes that may arise in the Zone and entrusted to it by means of amicable reconciliation or arbitration, taking into account the legislation in force in the Sultanate and regulating this aspect.
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