By: ONA
Muscat: His Majesty Sultan Haitham bin Tarik on Monday issued a Royal decree, reading as follows:
Royal Decree No. 44/2023 establishes Khazaen Economic City and promulgates its Bylaw (articles of association).
Article (1) stipulates that an economic city shall be set up in the governorate of South Al Batinah, to be named “Khazaen Economic City” and to be established on the land area demarcated in accordance with the layout attached to this decree. The city shall be under the supervision of the Public Authority for Special Economic Zones and Free Zones and it shall be governed by the attached Bylaw.
Article (2) states that two free zones shall be established within Khazaen Economic City on the specific land area demarcated in accordance with the attached layout, which is specified in the Development Agreement defined in the attached Bylaw.
Article (3) endorses the Development Agreement and the Usufruct Agreement for Khazaen Economic City stated in the attached Bylaw.
Article (4) states that Oman Logistics Company LLC shall be the operating party of Khazaen Economic City and the two free zones set up therein. Khazaen Economic City Company LLC shall be the developer of Khazaen Economic City and the two free zones set up there.
Article (5) states that the Chairman of Board of Directors of the Public Authority for Special Economic Zones and Free Zones shall issue the regulations and decisions necessary for the implementation of the provisions of the attached Bylaw.
Article (6) says that this decree shall be published in the Official Gazette and enforced from the day following its date of publishing.
