Muscat, Nov 18 - Oman Investment and Development Holding Company, the newly established development arm of the Public Establishment for Industrial Estates — rebranded as Madayn recently — will assume management of the nation’s network of industrial parks starting from 2019. The new spin-off was set up by Madayn with a mandate to enhance the investment appeal of Oman’s nine industrial parks. As part of its administrative and operational remit, the new subsidiary has been tasked with developing the support infrastructure and facilities at various industrial estates, as well as streamlining and improving operational processes. The ultimate objective is to support the creation of efficient and competitive hubs for manufacturing-related investment in the Sultanate.
According to Madayn CEO Hilal bin Hamad al Hasani, Oman Investment and Development Holding Company will take over and manage the assets of industrial parks, starting with Rusayl Industrial Estate — the nation’s first industrial estate — and Knowledge Oasis Muscat (KOM) in 2019. Al Hasani made the announcement at the rebranding of PEIE as Madayn earlier this month. Besides assuming management responsibility for the parks, the new entity will seek to transform the existing estates into vibrant manufacturing hubs that bolster Oman’s value proposition as an investment destination. An underlying goal is to support job creation for Omanis as well, he noted.
Significantly, Oman Investment and Development Holding Company is the latest addition to a growing portfolio of subsidiaries set up by Madayn to drive the development of a strong industrial and manufacturing base in the Sultanate. In 2010, Madayn launched Shumookh Investment and Services Company as its investment arm. The latter has since invested in an array of joint ventures and partnerships specialising in, among other things, construction services, residential complexes, facilities management, technology, catering, and industrial investment.
Madayn is currently undergoing a major restructuring and transformation as envisaged under Royal Decree 32/2015 which confers a regulatory role upon the organisation. Consequently, all of its prerogatives concerning the development and management of industrial parks are being transferred to closed joint stock companies, notably Shumookh Investment and Services and Oman Investment and Development Holding Company.
Longer term, Al Hasani foresees a major role for the private sector in the development and management of industrial parks in the Sultanate based on the Public-Private-Partnership (PPP) model.
“The PPP programme aims at increasing Madayn’s contribution to the sustainable economic and social development in the Sultanate and achieving the aspirations of the manufacturing sector being one of the major promising sectors for the economic diversification. Based on this, the private sector in the coming years will have the role of constructing, managing and operating the industrial estates and economic zones pertaining to Madayn,” the CEO said.
Conrad Prabhu
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