Oman to set up a free trade area

Oman has agreed to establish a free trade zone in the southern city of Sallalah, in an attempt to strengthen the national economy.

An official statement released by Omani Minister of Trade Maqboul Bin Ali Bin Sultan on Sunday said that the government has chosen the Sallalah Port Commission to be the director of the project in the first phase of the free zone, which aims to attract multinational companies.

The statement gave no mention of estimated costs for the free zone, but said that the project will be basically financed by the private sector.