First phase of Ibri Industrial City launched

BUSINESS REPORTER

MUSCAT, FEB 25

The Public Establishment for Industrial Estates (Madayn) celebrated on Sunday, February 25, 2024, the inauguration of Phase One of Ibri Industrial City under the auspices of Najeeb bin Ali al Rawas, Governor of Al Dhahirah.

Highlighting the significance of developing an industrial hub in Al Dhahirah Governorate, Al Rawas emphasised that this inauguration marks a strategic continuation of the government’s goal to ensure balanced economic growth across its diverse governorates.

“Aligned with the core objectives outlined in Oman Vision 2040, this project aims to present a dynamic and competitive investment landscape that appeals to both local and foreign investors. The introduction of an industrial city in Al Dhahirah Governorate is poised to catalyse a significant qualitative leap in manufacturing industries and commercial activities, which will eventually play a role in generate job opportunities, encourage exports and the establishment of export industries., while also stimulating economic sectors such as transportation and banking,” Al Rawas stated.

He further added, “Al Dhahirah’s strategic location, bordering Saudi Arabia and the UAE, will further support international trade operations. Coupled with its proximity to important hubs like Sohar Port, Khazaen Economic City and Nizwa Industrial City, as well as oil and gas concession areas and raw materials such as metals, marble and copper, the governorate holds immense potential for sustainable economic growth.” Salah al Alawi, Director General of Ibri Industrial City, said, “The industrial city spans an extensive area of 10 million sqm, with Phase One successfully completed at a cost of RO 9 million, covering 3 million sqm. The presence of a fully-equipped industrial city will serve as a pivotal factor in driving development and fostering an ideal environment for the private sector to engage in a diverse range of industrial, commercial and service activities.” Al Alawi further highlighted the commitment of Madayn to promote investment in Ibri Industrial City through the introduction of a comprehensive incentive package. This package grants investors exemption from rental value for a period of two years for all new projects, 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. Additionally, all fees listed in the Investment Regulations were reduced by 50 per cent for all projects.

“These incentives resulted in a notable increase in investor interest, with 10 projects now underway in Ibri Industrial City, boasting an initial investment totalling RO 6.5 million. Several of these projects have already commenced construction and development activities,” Al Alawi said.

Ahmed al Farsi, Director of Projects at Madayn’s Directorate General of Facilities and Infrastructure, stated that Phase One of the development project of Ibri Industrial City, includes the construction of roads, truck parking zone, water network and water tank, firefighting network, sewage networks and collection tank, dyke for protection against rainwater, and security system with surveillance cameras.

On the occasion, four agreements were signed for the establishment of projects in Ibri Industrial Citiy. Seeh Al Sarya Company will set up an Oil & Gas facilities plant with an investment of RO 6 million. Fifth Wave of Food Industries Company inked a pact to set up a coffee roaster, Raad Ibri Company will invest in a coal processing plant. Al Mizah United Company plans to set up a cardboard making plant at the hub.