The Ministry of Commerce and Industry signed a memorandum of understanding and cooperation with the Special Economic Zone Authority of Al Duqm (SEZAD). The memorandum was signed by Dr Ali bin Masoud al Sunaidy, Minister of Commerce and Industry and Yahya bin Said al Jabri, Chairman of SEZAD. The memorandum contains 9 major items in order to link the SEZAD system with automated system of the one-stop station at the Ministry to ensure speedy completion of applications at SEZAD in Al Duqm directly on behalf of the Ministry and to open a counter for applications of commercial registration and regularisation of commercial institutions and companies and identify facilities and tax exemptions in them.
Yahya bin Said al Jabri, Chairman of SEZAD said that the this memorandum strengthens the relationship and interaction between SEZAD and the Ministry and stresses the desire to achieve the desired goals in the area at SEZAD through cooperation and effort to provide SEZAD with simplified procedures characterised by speed and transparency. He added that the memorandum includes the establishment of the Department at SEZAD for the registration of companies and institutions, responsible for the completion of applications in which information about traders and business persons and companies that conduct business in the region is registered, in addition to the cooperation between this department and the Ministry through modern means of communication in order to speed up the completion of applications.
The memorandum contains the terms of reference of the application of the provisions of the law on the commercial register, the provisions of the standard law of industrial organisation, the application of the provisions of the Mining Law, as SEZAD replaces the Ministry in the exercise of the competences and tasks relating to licensing, supervision and granting SEZAD staff the legal empowerment as needed, in addition to the training of SEZAD employees on the work in the commercial register.