The Chief Executive of SOHAR, Andre Toet, oversaw official proceedings as Oman Fasteners signed this latest tenancy agreement. The agreement underlines Sohar Port and Freezone's growing importance to the economy of Oman. This is based not only on the rapid expansion in container and general cargo capacity at the Port, but also as more and more downstream industries set up business in Sohar's fast expanding Freezone. Alongside Toet at the official signing was Haythem Macki, representing exporters Oman Fasteners. The company is now firmly established in Oman after originally setting up in the UAE. The move home was a result of more favorable business conditions in the Sultanate, especially better tax incentives and lower electricity prices in Sohar, which will allow the company to become more competitive regionally and globally.

Oman Fasteners will also benefit from an existing Free Trade Agreement (FTA) with the United States, which will further contribute to the ongoing sustainability of the organisation. This latest Sohar-based project will support the local community through the creation of jobs, due to the company's significant labour requirements, and will add additional impetus to Oman's booming and increasingly diversified economy. This latest announcement comes on the back of an unparalleled period of growth for SOHAR Port and Freezone, resulting in SOHAR now ranking as one of the world's largest port and free zone developments with investments totaling over $15 billion. Sohar's prime position as a deep-water port outside the Strait of Hormuz, coupled with the abundance of low-cost energy and feedstocks like petrochemicals, iron and steel, and aluminum, is atracting more overseas investors than ever before. Sohar was launched in 2002 as a joint venture between the Port of Rotterdam and the Government of Oman with the Freezone added in 2009.

Andre Toet, Chief Executive of Sohar said: "This is tremendous news for Sohar and I'm delighted that we now have companies of the calibre of Oman Fasteners on board in the Freezone. Sohar continues to attract major players from the GCC and around the world. Oman Fasteners' move from the UAE to Sohar makes it clear we now have the right combination of incentives in place to attract more overseas investors."