Wednesday 30 / October / 2024
Muscat: The Public Establishment for Industrial Estates – Madayn concluded on Thursday a three-day promotional campaign in Guangzhou, China in cooperation with China’s Ministry of Commerce to generate awareness on the available investment opportunities in Oman in general and the industrial cities under Madayn in particular.
The campaign in Guangzhou included a seminar, b2b meetings and field visits. Addressing the audience at China Guangdong ‘Belt and Road’ Opportunities and Challenges Seminar, Hilal bin Hamad Al Hasani, CEO of Madayn, stated that Madayn has rich experience over more than 35 years in the construction, management and operation of industrial cities in the Sultanate.
“The journey began with Al Rusayl Industrial City in Muscat, and today Madayn is managing and operating seven industrial cities in addition to Knowledge Oasis Muscat and Al Mazunah Free Zone. The total area of the industrial cities of Madayn has touched more than 100 million sqm,” he said.
Al Hasani also elaborated on Madayn’s vision which is to enhance the Sultanate’s position as a leading regional centre of manufacturing, ICT, innovation and entrepreneurship excellence, and its mission in attracting industrial investments and providing continued support, through regionally and globally competitive strategies, good infrastructure, value-adding services, and easy governmental processes. He also outlined Madayn’s objectives which include attracting foreign investments to the Sultanate and localising the national capital; contributing to stimulating the private sector to achieve sustainable economic and social development; achieving environmental sustainability, and contributing to the creation of new job opportunities for the national cadres.
On his part, Khalid bin Sulaiman Al Salhi, Director of Marketing and Promotion at Madayn, highlighted the available investment opportunities in the various industrial cities under Madayn, and the incentives and facilities offered to the investors. Such incentives include exemption from tax on net profit for a period of five years for industrial projects; exemption from customs duties and taxes on production inputs; provision of developed and equipped lands with basic services (water, electricity, telecom, roads); commitment to specific time periods to respond to service delivery; 24/7 operation possible in Madayn’s cities; participation in local and international exhibition as part of Made in Oman campaign; participation in the events held by Madayn; cooperation from government bodies through Masar Investment Window; lease period of lands and facilities for up to 30 years, renewable for the same period; right to sell constructions and buildings on the leased land; right to lease the buildings and facilities built on the leased lands by investors; right to involve new partners in the lease contract; and fair evaluation of buildings and facilities upon the termination of the lease contract.
Al Salhi also briefed the audience on the Knowledge Oasis Muscat, which aims at creating, promoting and developing Oman as a robust, diverse, prosperous and self-sustaining knowledge-driven economy. Moreover, a brief was delivered on Al Mazunah Free Zone which has witnessed in recent years the completion of a lineup of services including road network, electricity, water, sewage and telecom services. Al Salhi pointed out that the general free zones’ incentives comprise 30 years of tax-free operations, customs’ exemptions, 100 per cent foreign ownership and no minimum capital requirements. Other incentives include Omanisation ratio in the free zone being only 10 per cent, along with facilitation of procedures for non-GCC investors to obtain visa and residency permits. Al Mazunah Free Zone also offers more incentives comprising easy access of individuals and investors to the free zone, without entry visas being required for Yemenis and facilitation of employing Yemeni workforce without work visa being required; in addition to other incentives. Al Salhi also noted that a plan will be developed to schedule a visit of Chinese businessmen wishing to invest in Oman.
