PHOTO
The Board of Directors of the Public Establishment for Industrial Estates – Madayn has announced new projects in Sur Industrial City to be in line with the incentives that were announced earlier this year by Madayn. These incentives include exemption from rental value for a period of two years, followed by a reduction in the rental value for a period of three years by 50 per cent for contracts concluded during the period from 2021 to 2024, in addition to reducing all other fees listed in Annex (1) of the Investment Regulations by 50 per cent during the same period.
Madayn’s Board of Directors has agreed to implement an array of investment opportunities in Sur Industrial City. This was announced during its fourth meeting this year chaired by His Excellency Dr. Saleh bin Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, and Chairman of Madayn's Board of Directors.
The Board of Directors has approved the project of establishing an integrated workforce township by the private sector to enhance the offered services and boost business environment in Sur Industrial City. Madayn’s board of directors has also approved the shipyard project in Sur Industrial City, which includes the establishment of a factory for modern fishing vessels, and ship maintenance and repair centre, among other related services. These efforts shall play a key role in enhancing an attractive environment for promising projects in the Sultanate’s fisheries sector. It is worthwhile mentioning that the total volume of investments in Sur Industrial City has touched RO1.5 Billion by the end of 2020.
The announced incentives come within the efforts made by Madayn to mitigate the economic consequences resulting from COVID-19 pandemic and the global drop of oil prices. The incentives also support Madayn’s vision to enhance Oman’s position as a leading regional centre of manufacturing, ICT, innovation, and entrepreneurship excellence.
Following the meeting, His Excellency Dr. Saleh bin Said Masan and members of the Board of Directors of Madayn, visited the project of Access Management System to Madayn’s industrial cities, which is based at KOM 4 building in the Knowledge Oasis Muscat. This project represents a key pillar of the infrastructure development strategy of the industrial cities to keep pace with the technology trends, provide value-adding services, and facilitate procedures for the investors and their clients. The project features an integrated system that manages and facilitates the entry and exit of vehicles to/from the industrial cities of Madayn.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
