A new special economic zone (SEZ) has been confirmed in Qatar near the new Hamad Port. The creation of the the new zone (to be known as
Um Al Houl Special Economic Zone), is set to attract companies from the petrochemicals, building materials, maritime, metals, logistics, food processing, automobiles, tools, and machinery sectors.
As announced on the 2nd of March, 2015, the new zone is one of three SEZs being developed by Manateq, a company established by the Ministry of Business and Trade in 2011. Manateq intends to allow investors to develop land on the 33.52-square-kilometer site from the second quarter of 2016. The provisions of the new Special Economic Zone are set to offer zero duties on trade within the Gulf Cooperation Council and low import duties or exemptions for inputs and machinery.
Qatar's Minister of Economy and Commerce, Ahmed bin Jassim bin Mohamed al-Thani, stated:
"This groundbreaking ceremony of Um Alhoul special economic zone is testament to the firm resolve and unwavering commitment of the State of Qatar towards a strategically and fully diversified economy."
Source:
Tax-News.com
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