PEIE, BankDhofar sign financial facility pact worth RO 50 million

MUSCAT: Public Establishment for Industrial Estates (PEIE) has signed yesterday (Sunday) an agreement with Bank Dhofar to provide financial facility worth RO 50 million in order to finance and complete a number of infrastructure projects undertaken by the PEIE in the current phase in its various industrial estates. The agreement was signed by Ahmed bin Hassan al Dheeb, under-secretary of the Ministry of Commerce and Industry and Chairman of PEIE Board of Directors, and Kamal Hassan Al Murazza, General Manager and Chief Whole Sale Banking Officer at Bank Dhofar.
Al Dheeb affirmed that signing this agreement with Bank Dhofar aims at covering the infrastructure services in a number of PEIE’s industrial estates. “Moreover, the agreement represents the beginning of PEIE’s tie with local banks in the Sultanate. We aspire to witness development and completion of all infrastructure projects in the industrial estates through this agreement and the upcoming ones,” Al Dheeb pointed out.
Hilal bin Hamad Al Hasani, Chief Executive Officer of PEIE, noted that this agreement comes in line with PEIE’s objectives to strengthen its existing partnership with private sector institutions in the Sultanate. “This loan will be invested in implementing a range of vital projects such as the logistics area in Rusayl Industrial Estate, the expansion of third and fourth phases of Nizwa Industrial Estate, expansion of the new phase in Raysut Industrial Estate, expansion project of the Knowledge Oasis Muscat, in addition to completion of a number of existing projects including infrastructure project in Al Mazunah Free Zone, infrastructure project of Samayil Industrial Estate, and sewage treatment plant in Rusayl Industrial Estate,” Al Hasani pointed out.
Al Hasani added that through this agreement, a package of facilities related to infrastructure projects will be provided, which will contribute significantly to the attraction of local and foreign investments. “This also comes in line with the transformation plan, which is based on the Royal Decree no. 32/2015), aiming at keeping pace with developments and providing suitable legal frameworks and investment incentives that all together contribute effectively to the localisation of local investments and attraction of foreign investments,” Al Hasani said.
He added that the Royal Decree and the regulations of PEIE include legal aspects related to several functions and requirements of PEIE that contribute to attracting and developing investments in all sectors. It also grants PEIE with additional incentives and benefits for several activities as well as the industrial estates in the area of opening doors for foreign investments with specific tax incentives to promote capability of regional competition. As per the Royal Decree, integrated investment outlets will be established within the industrial estates to provide government services with regard to issuance of licenses, approvals, visas, activity registration, among other services.
Commenting on the agreement Kamal Hassan Al Murazza, General Manager and Chief Whole Sale Banking Officer at BankDhofar, said “We are proud to sign the agreement with PEIE, which constantly endeavours to enhance Oman’s position as a leading regional centre of manufacturing, ICT and entrepreneurship excellence. At BankDhofar we believe in the importance of partnership between the private and public sectors to boost the national economy and enhance investment opportunities. This agreement falls within our efforts to provide suitable financing solutions to our customers be it retail, corporate or government.”
It should be noted that this agreement comes in accordance with the vision of PEIE which is to enhance the Sultanate’s position as a leading regional centre of manufacturing, ICT, innovation and entrepreneurship excellence, and its mission which isto attract industrial investments and provide continued support, through regionally and globally competitive strategies, good infrastructure, value adding services, and easy governmental processes.
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