Bahraini delegation briefed on investment climate in Madayn’s industrial cities

Business Tuesday 09/November/2021 18:13 PM
By: Times News Service
Bahraini delegation briefed on investment climate in Madayn’s industrial cities

Muscat: A Bahraini delegation chaired by Dr Khalid Fahad Al Alawi, Assistant Undersecretary for Industrial Development at the Ministry of Industry, Commerce and Tourism in Bahrain visited on Tuesday the headquarters of the Public Establishment for Industrial Estates – Madayn at the Knowledge Oasis Muscat.

Receiving the delegation, Hilal bin Hamad Al Hasani, Chief Executive Officer of Madayn, discussed potential areas of cooperation with the Bahraini side in the development of industrial cities and attracting investments to serve mutual interests and deepen ties between the two sides.

Al Hasani explained that Madayn aims at establishing world-class business cities with an Omani identity based on partnership. He added that Madayn aims to perform an enhanced governmental role for comprehensive and sustainable economic and social development through enhancing the partnership with the private sector to develop and operate business cities with integrated services.

“This shall take into account the significance of employing rapid response to variations through adopting advanced solutions and technologies that meet the needs and requirements of businesses, and at the same time take into account the environmental standards,” Al Hasani pointed out.

Madayn officials then elaborated on the incentives and facilities offered by Madayn to the investors in the various industrial cities. These incentives include lease period of lands and facilities for up to 30 years, renewable for the same period; right to waive the lease right for the remaining period of the contract; right to sell constructions and buildings on the leased land; right to involve new partners in the lease contract; fair evaluation of buildings and facilities upon the termination of the lease contract; developed and equipped lands with basic services (water, electricity, telecom, roads); and transparent legal frameworks illustrating rights and obligations; punctuality in service delivery; in addition to other incentives.