PHOTO
The Sultanate’s Industry Day this year coincides with the start of development of five new industrial cities in Khasab, Ibri, Thumrait, Shinas and Al Mudhaibi, informs Hilal bin Hamad Al Hasani, CEO of the Public Establishment for Industrial Estates – Madayn. “These industrial cities will be added to the nine that are operating across the Sultanate, which will play a pivotal role in enhancing comprehensive and sustainable economic and social development under the wise leadership of His Majesty Sultan Haitham bin Tarik,” Al Hasani said, adding: “The new industrial cities represent the result of Madayn’s policies and its 2040 Vision programmes that are in line with Oman Vision 2040. Our goal is to reach 40 industrial cities.”
With only one industrial city in Oman back in 1991 when the late His Majesty Sultan Qaboos bin Said paid a historic visit to Al Rusayl Industrial City, the industrial sector is now thriving with an expanding network of industrial cities across the country. “With nearly 2,300 localised projects, the total investment volume in Madayn's industrial cities today is approaching RO 7 billion. The Omanisation rate in these projects exceeds 38% of the total workforce in the industrial cities, which accounts for up to 8% of the total private sector workforce at the national level and exceeds 63% of the total workforce in the industrial sector of Oman,” Al Hasani pointed out.
Madayn has recently launched investment complexes project which offers an opportunity for local and foreign companies to invest in the industrial sector and associated complementary sectors. Madayn has also introduced recently its Industrial Innovation Academy to promote a diversified and sustainable economy based on technology, knowledge and innovation. Moreover, Madayn has announced the establishment of new industrial cities as part of the current five-year plan in Musandam, Al Dhahirah, Al Sharqiyah North, Al Batinah North and Dhofar governorates, which will be equipped with advanced infrastructure. Madayn has also begun to look for local and foreign investors to develop other industrial cities in partnership with the private sector.
In addition to these efforts, Madayn has opened Masar Service Centres in two industrial cities, with soft openings in four more industrial cities, to play a key role in accelerating and simplifying investment procedures for investors and achieving a safe and ideal investment and business environment. Madayn has also recently announced a package of incentives and exemptions from fees to support the investment climate in its various industrial cities.
Al Hasani emphasised that, despite the global economic fluctuations and COVID-19 impact, Madayn was able to receive 325 investment applications in 2021, of which 193 got localised in the various industrial cities. Madayn’s total investment volume increased by 1.6 %, the total number of projects grew by 3.4 %, and the percentage of leased space increased to 2.05%.
-Ends-
© Press Release 2022
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.
