Shumookh inks deal with Sadeen to fund $120m worth Madayn projects

Shumookh Investment and Services, the investment arm of the Public Establishment for Industrial Estates (Madayn), has signed an agreement with Sadeen Group to implement a number of development projects in the industrial cities of Madayn with an estimated value reaching $120 million. The agreement was signed by Hilal bin Hamad al Hasani, Chairman of Shumookh Investment and Services, with and Hani Salah, Chairman of Sadeen Group.
Commenting on the agreement, Musallam al Hudaifi, Chief Executive Officer of Shumookh Investment and Services Company, said it supports the development requirements of the industrial cities falling under Madayn, and provides all necessary services for the investors.
Under the agreement, Sadeen Group will provide funding support for Shumookh Investment and Services Company towards the implementation of a range of major projects in Rusayl and Samayil Industrial Cities, and the Knowledge Oasis Muscat (KOM). The EPCF agreement, which comprises engineering, construction and financing, aims at providing comprehensive services such as offices and housing. The projects will be implemented over the next three years with building areas exceeding 164,000 square metres.
Madayn established Shumookh Investment and Services in 2010 to develop infrastructure projects and encourage investments in Madayn’s industrial cities. The vision of Shumookh is to develop globally competitive industrial infrastructure in the industrial cities of Madayn and create the best environment for the growth of industries in Oman through the attraction of strategic partnerships to invest and implementation of diverse infrastructure development projects in the industrial cities pertaining to Madayn.