Khazaen signs three investment pacts with local companies

Business Monday 14/December/2020 16:16 PM
Khazaen signs three investment pacts with local companies

Muscat: Khazaen, the newest economic city in Oman, has been consistently gaining momentum over the past few months. Three new agreements have been signed by Khazaen that reiterate the economic city’s growing preference among local and foreign investors.

The first agreement was signed with Al Wajen United Projects to build a factory for manufacturing of lights and electrical fittings. The second agreement was signed with Digital Energy Management to build a factory for the assembly of switch gears, meters and electrical distribution boards while the third agreement was signed with Al Samsman Trading for constructing a factory for camping and outdoor specialised equipment.

The agreements were signed by Khalid Al Balushi, CEO of Khazaen Economic City and CEOs of the companies.

 “Khazaen Economic City witnessed a growing interest from companies and investors to relocate or establish their projects in the city which reiterates the confidence of local and foreign investors in Khazaen as an ideal destination, particularly after the recent completion of the phase one of infrastructure works," said Al-Balushi.

On his part, Ibrahim Al-Kindi, CEO of Al Wajen United Projects to build a factory for the manufacturing of light and electrical fittings, said, “We are confident that we took the right decision to invest in Khazaen Economic City to build a light and electrical fittings factory, thanks to the unique advantages and offerings of the city, as well as the incentives provided to us that include a waiver of rent charges for certain periods enabling us to focus on the core establishment activities.”

Adnan Azam, CEO of Digital Energy Management said, “We aim through our investment at Khazaen Economic City to expand our businesses in the Sultanate and address new markets. We are fully convinced about our decision to invest in Khazaen due to the availability of required spaces, ready infrastructure and the City’s expected growth in the future.”

Sameer Al-Zedjaly, CEO of Al Samsman Trading said, “We are proud to sign this agreement to build a camping and outdoor specialised equipment factory at Khazaen Economic City, the future business hub of the Sultanate. The city offers an ideal location, unparalleled connectivity to main roads, in addition to a wide range of incentives for local and foreign investors making it the ideal investment destination in the Sultanate and the wider region.

Khazaen had launched a package of incentives earlier this year to attract more investments despite the challenges posed by the COVID-19 pandemic. These incentives include exemption from rental fees for specific periods and exemption from some administrative fees. Investors and companies interested in investing in Khazaen shall benefit from these incentives until the end of 2020.

Khazaen is the largest public-private partnership (PPP) project in the Sultanate of Oman being developed in Barka, South Al Batinah Governorate. Khazaen enjoys a strategic location; close to the capital city of Muscat, only 30 minutes away from Muscat International Airport and around two hours from Sohar Port. The city will be connected to the future railway project making it a hub for multi-modal transport and fully integrated economic city.

The massive integrated economic city will be home to Oman's first dry port, central fruit and vegetables market, special zones for SME industries and logistics, besides multi-mix residential units, entertainment facilities, retail outlets, international schools and modern health care centres – creating a community where all residents can work, live and play.