Strong impetus: Madayn unveils new incentives to enhance investment climate in Sur Industrial City
BUSINESS REPORTER
MUSCAT, JUNE 5
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 Dr Saleh bin Said Masan, Under-Secretary 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 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. The total volume of investments in Sur Industrial City has touched RO 1.5 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, 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.
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