Saturday 20 / April / 2024
Muscat: OQ and the Public Establishment for Industrial Estates (Madayn) have signed an agreement to establish a complex for plastic industries in Sohar Industrial City, North Al Batinah Governorate.
"Signing of a memorandum of understanding to establish a complex for plastic industries in Sohar Industrial City between OQ and the Public Establishment for Industrial Estates Madayn with the support of the Oman Vision 2040 Implementation Follow-up Unit and the Ministry of Commerce, Industry and Investment Promotion as part of efforts to achieve the vision's goals," Oman News Agency (ONA) said in a statement.
Under the memorandum, Madayn will provide a land with an area of one million square metres, incentives to encourage the private sector to invest in this sector, a grace period for two years, and a 50 per cent reduction in the annual rent value for the next three years, while OQ provides basic raw materials at competitive prices within the complex.
