Wednesday 27 / November / 2024
Muscat: A high profile Saudi business delegation was briefed about the investment climate in Sohar Industrial City on Tuesday by Madayn.
Officials of Public Establishment for Industrial Estates (Madayn) briefed the trade team in attracting industrial investments and providing continued support. They highlighted the regionally and globally competitive strategies, good infrastructure, value added services and easy governmental processes which Madayn offers to investors.
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 welcomed the Saudi business delegates.
“Sohar Industrial City is divided into seven phases where the occupancy rate in the first four phases has touched 100 per cent, while the occupancy of phases 5 and 6 is almost 70 per cent, and of phase 7 it is about 40 per cent,” Hamad bin Hamoud Al Qasabi, Director General of Sohar Industrial City, informed the delegates.
“Work is in full-swing in developing phase 7, which will be completed during the first half of next year and shall provide integrated infrastructure and more space to attract and localise new investments,” he added.
“Phase 7 of Sohar Industrial City is being implemented by Madayn on an area of 8.5 million square metres, and incorporates road works, water and sewage networks, sewage treatment plant, rain drainage channels, water tanks in addition to security requirements,” he said.
The total investment volume in Sohar Industrial City has exceeded OMR2 billion and a total of 380 industrial, service and commercial projects are operating in the city, which employ more than 13,700 personnel,” Al Qasabi said.
Also, Madayn is currently working on implementing two strategic projects in the industrial city, the first is Madayn Vehicle Complex (Motkar) and the other the Plastic Industries Complex,” he informed.
Motkar project will feature an integrated hub for car trading, spare parts, car accessories and services, and showrooms on an area touching one million square metres.
Regarding the plastics complex project, Al Qasabi said that Madayn, in coordination with OQ and Oman Vision 2040 Implementation Follow-up Unit, is working on finalising the project’s preparatory phase. An area exceeding one million square metres has been allocated for the plastics complex project in Sohar Industrial City.
Outlining the incentives offered by Madayn to woo investments, Al Qasabi said it includes lease period of lands and facilities for up to 30 years and renewable for the same period, right to waive the lease right for the remaining period of the contract, right to sell constructions and buildings on the leased land.
Other incentives included the right to involve new partners in the lease contract, fair evaluation of buildings and facilities upon the termination of the lease contract, developed and equipped lands with basic services (water, electricity, telecom, roads); transparent legal frameworks illustrating rights and obligations; punctuality in service delivery; in addition to other incentives.
The Saudi business delegates were later also familiarised with the objectives of Masar Service Centre in Sohar Industrial City.
The centre acts as an ideal platform that eases investment application procedures for the investors as they are able to obtain related approvals, permits and licenses under one platform and within a specific timeframe.
Madayn established Masar to provide integrated services required by the investors to contribute in enhancing the investment climate in the Sultanate.
The Saudi business delegation then toured Sohar Industrial City and visited Sohar Aluminium Company, which was established in 2004 to undertake a landmark Greenfield aluminium smelter project in Oman.
