Kuwait’s Hala to upgrade Oman free trade zone

01 Apr 2010

(MENAFN) The Chairman of Kuwaiti Gold Hala Trading and Contracting Co said that the company has signed an agreement with the Omani Public Establishment for Industrial Estates (PEIE) to upgrade a large section of the free trade zone in Al-Mazyounah region, Kuna reported.

Under terms of the agreement, the Kuwaiti firm will develop the upper and infra-structures of three million square meters of the free zone land, including construction of buildings, warehouses, public squares, roads, utility facilities, telephone, power and water networks.

The chairman indicated that the overall cost of the venture, to be executed in five years, was estimated at more than $5.2 billion, indicating that it was on leasing basis.

Hala, which will be able to lease the invested parts of the zone, will promote the projects in the GCC countries, Arab and Asian states.

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