Salalah Free Zone Company (SFZCO) and Al Naqbi Group Holding have signed an OMR3.8mn ($10mn) agreement to set up a food processing unit within the free zone. The unit will manufacture 80% of the products for international exports.
In an official tweet, the company revealed that the agreement was signed by Ali Tabouk, Chief Executive officer – SFZCO, and Al Hadi Al Naqbi, Chairman of Al Naqbi Group Holding.
The decision to build this unit, which is expected to create job opportunities for locals and add to Oman’s human capital pool, follows the recent statement from SFZCO that said that it aims to create 21, 000 jobs in the next three years on the back of new diversification policies, and expansion plans being implemented in the country that are already attracting major investors to the free zone.
The Salalah Free Zone has already attracted foreign direct investments with many major companies setting up shop and investments amounted to US$7.8bn. In July earlier this year, SFZCO had secured OMR13.5mn ($35m) in foreign direct investment from the private sector to develop a food plant that will be fitted by European technology and create 200 jobs in Oman.
In May 2019, it signed a usufruct subcontract agreement for two projects in food and import-export trade sectors with an investment of $19mn. Companies such as DHL, Dunes Oman, PGC Textile Corporation, Salalah Methanol Company, Oman Saltic FZCO, and Hind Aluminium already have a presence in the Free zone.