The Special Economic Zone Authority of Duqm (SEZAD) and the Public Authority for SME Development (PASMED) signed a memorandum of understanding Today, that regulates the cooperation of the two authorities to allocate of industrial and commercial plots for the owners of SMEs according to the Usufruct Contract System.
The memorandum was signed by Khalifa Bin Said AL Abri the Acting CEO on behalf of the Public Authority for SME Development (PASMED), and Ismail Bin Ahmad Al-Balushi the Deputy CEO on behalf of the Special Economic Zone Authority of Duqm (SEZAD).
The signing of this memorandum comes in implementation of the decisions of the SME development Symposium which was held at the Royal Camp in Saih Al Shamikhat in the Wilayat of Bahla in January of 2013.
According to the Memorandum of Understanding PASMED will survey the applications submitted by SME owners that wish to establish their projects in the Special Economic Zone of Duqm, and after surveying the feasibility of the projects by PASMED and assessing the commitment of the applicants and if they are meeting the requirements, PASMED will forward the applications to SEZAD to study the allocation of an appropriate location for these projects in a period that does not exceed two weeks from the time of the receipt of the application.
Khalifa Bin Saied Al-Abry confirmed that the memorandum of understanding signed by PASMED and SEZAD is considered an implementation of the decisions of the SME Symposium held in the Royal Camp in Saih Al-Shamikhat in the Wilayat of Bahla in January of 2013 which decided the allocation of agricultural, industrial and commercial plots via Usufruct Contracts by SMEs.
In addition, he said in a press statement that the memorandum of understanding will open new horizons to the owners of SMEs to benefit from investment opportunities in the Special Economic Zone of Duqm, he pointed out that memorandum comes as a part of PASMED efforts to diversify the investments of SMEs and for them to obtain the optimum benefit from the major projects currently underway in the Sultanate.
On his part, Ismail Bin Ahmad Al-Balushi welcomed the owners of SMEs to invest in the Special Economic Zone of Duqm according to the Usufruct Contracts System followed by SEZADwhich was designed in a way that takes into account the feasibility of the projects and that can last up to (50) years renewable for similar periods. Hhe stressed the keenness of the Authority to allow the owners of SMEs to benefit from the investment opportunities in the Special Economic Zone of Duqm.
He said that the major projects currently underway in the Special Economic Zone of Duqm will increase the number of the population which therefore will increase the demand on the services provided by the SMEs, pointing out that investment areas available to these enterprises are numerous given the diversity of the projects that exist in the Zone such as the port, the dry dock, the airport, the refinery and the heavy and petrochemical industries complex, the fishing marina and fish processing industries and other projects that are expected to contribute in increasing the demand of the services and industries offered by SMEs.
The memorandum of understanding states that SEZAD presents the plot to the investor for a period of three months to preview and to review the terms of the Usufruct agreement, in the case of the expiration of that period without singing the Usufruct Contract the authority has the right to allocate the location to another investor.
The activities and areas available for investment by the owners of SMEs which are being dealt with in accordance to the memorandum of understanding include: small workshop activities including: carpentry, blacksmithing, aluminum, vehicle repair, and commercial activities concerned with the construction of buildings and retail stores and exhibits devoted to the display of certain goods. The memorandum also includes tourism activities such as tourist restaurants, and unclassified accomodation units.