Sur Industrial City explores investment opportunities

Business Saturday 26/December/2020 16:44 PM
By: Times News Service
Sur Industrial City explores investment opportunities

Muscat: Sur Industrial City has concluded a project of exploring investment opportunities in the major industries operating in the industrial city.

This is in line with the efforts made by the Public Establishment for Industrial Estates – Madayn to localise investment projects and provide job opportunities for the national cadres.

Supported by Oman LNG, Oman India Fertiliser Company (OMIFCO) and Phoenix Power Company, this project aims at creating value-added projects and consequently link them to the needs of the major factories as part of the plan adopted by Sur Industrial City to promote circular economy and supply chain efficiency.

Eng. Abdulqadir bin Salim Al Balushi, Director General of Sur Industrial City, stated that this project represents an output of a study that was carried out last year with the aim of boosting investment volume in the industrial city.

“It is worthwhile to mention that Oqood Business Development, a company incubated at Madayn’s National Business Centre, implemented this project,” Al Balushi noted, adding, “The promotional campaign of the investment opportunities in South Al Sharqiyah governorate will be launched by the beginning of next year in coordination with the concerned bodies.”

He added that Sur Industrial City is planning to hold a meeting by the beginning of next year that will bring together representatives of major companies and owners of SMEs in the industrial city with the aim of enhancing effective communication channels between the two sides.
“It is significant to bring these sides together to contribute to the growth of the existing industries in Sur Industrial City. In partnership with the major companies in Sur Industrial City, the focus will be placed on the localisation of sustainable projects that contributes to enhancing In-Country Value and capital turnover in the Sultanate,” Al Balushi pointed out.
Investment opportunities

Several investment opportunities were announced earlier by Sur Industrial City to be developed by the private sector, which includes the establishment of workforce township, shipyard complex, and sewage treatment plant. The projects are expected to enter the implementation phase by the beginning of 2021.

“More investment opportunities will be announced in 2021 for the private sector in health and hotel support services, and vehicle/truck maintenance centre,” Al Balushi said.  
He emphasised that Madayn aims through its annual and five-year plans that are based on Oman Vision 2040 to support industrial innovation projects and business incubators.

“An initiative will be launched by Sur Industrial City in cooperation with a private company in the industrial city to establish a business incubator and offer the services of Industrial Innovation Centre at Sur Industrial City,” Al Balushi informed.

Until the mid-2020, the total volume of investments in Sur Industrial City exceeded OMR2,045 billion, marking a growth rate of 0.67 per cent compared to the same period in 2019. The number of the workforce at the industrial city increased to 4,111 noting an Omanisation rate of 49 per cent. The total number of localised projects reached 127 by mid-2020, and the total area of Sur Industrial City reached 36.1 million sqm, which makes it the largest industrial city in terms of area.