RIYADH: In line with its efforts to attract investors and developers and thus contribute to boosting the national economy, the Public Establishment for Industrial Estates (Madayn) on Monday organised a meeting entitled ‘Investment Opportunities in Madayn’ in Saudi Arabia’s capital, Riyadh.
Held in the presence of businessmen and investors in Saudi Arabia, the event was organised under the auspices of Sayyid Dr Ahmed bin Hilal al Busaidy, Sultanate’s Ambassador to Saudi Arabia. The event aimed at highlighting the investment environment in the Sultanate and the mechanism to set up and manage projects in the industrial estates.
Speaking at the event, Hilal bin Hamad al Hasani, CEO of Madayn, noted that Madayn has an experience of more than 35 years in the field of construction, management and operation of industrial estates in the Sultanate. He said that the journey began with Rusayl Industrial Estate in Muscat and by now Madayn is managing and operating seven industrial estates throughout the Sultanate, in addition to the Knowledge Oasis Muscat (KOM) and Al Mazunah Free Zone.
With more than 2,000 investors investing in the various industrial estates, the total volume of investments in the nine estates is getting close to RO 7 billion. Besides, the total area of Madayn’s estates exceeds 100 million sqm. Khalid bin Sulaiman al Salhi, Director of Marketing and Promotion at Madayn, delivered a presentation that highlighted the available investment opportunities in the industrial estates that fall under the umbrella of Madayn. He highlighted the vision of Madayn which is to enhance Oman’s position as a leading regional centre of manufacturing, ICT, innovation and entrepreneurship excellence, and its mission to attract industrial investments and provide continued support, through regionally and globally competitive strategies, good infrastructure, value adding services, and easy governmental processes.
Al Salhi also underlined the objectives of Madayn, which include attracting foreign investments to the Sultanate and localising the national capital, contributing to stimulating the private sector to achieve sustainable economic and social development, achieving environmental sustainability and contributing to the creation of new job opportunities for the national cadres. Elaborating on the incentives and facilities offered by Madayn, Al Salhi stated that the incentives include lease period of lands and facilities for up to 30 years, renewable for the same period, right to sell constructions and buildings on the leased land, right to lease the buildings and facilities built on the leased lands by investors, right to involve new partners in the lease contract, exemption from tax on net profit for a period of five years for industrial projects and exemption from customs duties and taxes on production input, among other incentives.
Al Salhi also gave a brief on the role played by Madayn’s technology arm — the Knowledge Oasis Muscat — in creating, promoting and developing Oman as a robust, diverse, prosperous and self-sustaining knowledge-driven economy. KOM aspires to contribute to the advancement of economic diversification through offering investment opportunities in the IT sector and eventually build a knowledge-based economy in the Sultanate.
In addition, he mentioned that Al Mazunah Free Zone, which has been seeing a growing investment movement as the free zone, has witnessed in recent years the completion of a lineup of services including road network linking the free zone with the nearby cities and markets as well as electricity, water, sewage and telecom services. — ONA