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New incentives to boost investment in industrial sector announced

Business Wednesday 17/March/2021 16:44 PM
By: Times News Service
New incentives to boost investment in industrial sector announced
Photo: Supplied

Muscat: The Board of Directors of the Public Establishment for Industrial Estates – Madayn has approved during its second meeting this year a lineup of incentives to support and boost the investment climate in Madayn’s various industrial cities.

This comes in line with the efforts made to mitigate the economic consequences resulting from the COVID-19 pandemic and the global drop in oil prices.

To enhance investment opportunities in Al Buraimi, Ibri, Al Mudhaibi and Thumrait Industrial Cities and any industrial city to be announced later, the announced incentives for these industrial cities include exemption from rental value for a period of two years for all new projects, followed by a reduction in the rental value for a period of three years by 50 per cent for contracts concluded during the period from 2021 to 2024, in addition to reducing all other fees listed in Annex no. (1) of the Investment Regulations by 50 per cent for all new projects during the period from 2021 to 2024.

The incentives also include reducing fees for IT activity license by 50 per cent for a period of two years the period from January 1, 2021, to December 31, 2022, for the existing and new projects in the Knowledge Oasis Muscat; in addition to not imposing fines for the delay in payments for the years 2020 and 2021.  

Commenting on the announced incentives, Hilal bin Hamad Al Hasani, Chief Executive Officer of Madayn, stated that the new incentives stem from Madayn’s responsibility towards supporting the investors and industrialists in the Sultanate and boosting an ideal investment environment that attracts new investments.

Al Hasani emphasised that Madayn’snew incentives come along the lines of the recently announced incentives covered by the Economic Stimulus Plan (ESP) endorsed by the Council of Ministers to support efforts of enhancing economic recovery and boosting national economic performance.

Al Hasani added that Madayn’s incentives shall support its vision in enhancing 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.