Oman exempts Saudi investors from taxes in Madayn: Official

Oman decided to exempt Saudi industrial investors in Industrial Estates (Madayn) from taxes, Al-Eqtisadiah reported, citing Nasser Al-Hajri, Chairman of the Saudi-Oman Business Council.

This announcement was made during meetings held between the Saudi-Oman Business Council and Qais Al-Yousef, Omani Minister of Commerce, Industry, and Investment Promotion, where both sides discussed ways to enhance trade and industrial cooperation.

Al-Hajri noted that Saudi chemical products will enter the Omani market directly starting next week. Previously, these products had to pass through the UAE as there was no lab to test chemicals at the joint border between Saudi Arabia and Oman. The establishment of a testing lab at the Saudi border is seen as a pivotal step to facilitate trade, reduce logistical costs, and boost direct trade exchange.

He lauded the effort of both governments in offering significant incentives to investors, adding that these measures align with a broader vision to enhance economic integration between Saudi Arabia and Oman. Tax exemptions and direct market entry reflect the commitment of both nations to advancing economic relations and enabling the private sector to capitalize on available opportunities, Al-Hajri concluded.