Madayn boosts efforts to streamline investment norms

Business Saturday 11/September/2021 16:33 PM
By: Times News Service
Madayn boosts efforts to streamline investment norms

Muscat: The industrial cities pertaining to the Public Establishment for Industrial Estates (Madayn) have substantially streamlined investment procedures for foreign investors electronically without the need for the investors to visit the industrial cities to finalise their applications.

By keeping pace with the rapidly evolving digital transformation, these efforts come to ease investment procedures and make them easier and flexible to attract foreign investments into Madayn’s industrial cities amid the circumstances imposed by COVID-19 pandemic.

“An Egyptian project specialised in the production of bottles such as ampoules got localised in Raysut Industrial City through electronic means without having the necessity for the investor to visit the industrial city,” informed Hamid Bait Said, Director of Investor Services at Raysut Industrial City.

He emphasised that Madayn is making an instrumental progress with regard to the services offered to the investors in the industrial cities.

He elaborated that the investors can submit their investment applications, examine the industrial land through Madayn’s online geographic information system, pay the contract dues, and finally sign the lease contract online.

“Investors are able to complete investment procedures from anywhere worldwide as all the investment related services are available online for the investors to benefit from in coordination with Masar Service Centres in Madayn’s various industrial cities,” he added.

On his part, the investor Adel Farooq Mahmood, CEO of National Ideal Creativity, stated that he has selected Raysut Industrial City in Dhofar governorate as an investment destination after conducting a feasibility study and an analysis on the business environment which concluded that the Sultanate enjoys an ideal investment environment supported by a variety of incentives and facilities available for local and foreign investors.

“In fact, I was pleased to deal with representatives of investor services at Madayn who demonstrated highest level of professionalism to promptly complete the procedures for setting up the project of plastic ampoules in Raysut Industrial City. This should positively motivate the investors to set up their projects in the Sultanate,” Mahmood commented.