Arab Investment Forum and Exhibition Kick off

Muscat, As part of the efforts undertaken by the

Sultanate’s government and the private bodies to advance the national

economy through attracting major investments to the Sultanate, Arab

Investment Forum and Exhibition kicked off at Oman Convention and

Exhibition Centre today under the patronage of Yahya bin Said al-Jabri,

Chairman of the Board of Directors of the Special Economic Zone

Authority in Duqm (SEZAD), Chairman of the Board of Directors of the

Public Authority for Investment Promotion and Export Development

(Ithraa).

Organised by the Public Establishment for Industrial Estates �

Madayn, in cooperation with Abu El Saud Global Business, the event

was attended by business owners from the Sultanate, the GCC, Arab

countries, and Asian and European countries.

Speaking at the forum, Hilal bin Hamad al-Hasani, Chief

Executive Officer (CEO) of Madayn, emphasised that the Sultanate has

emerged as one of the major investment destinations in various sectors

in recent years. This is a result of the efforts undertaken by the public

and private sectors as the Sultanate has witnessed significant

development in transport and logistics fields, thanks to the ports,

airports and roads that have been implemented in accordance to the

international standards. In addition, Oman today has a number of

major economic zones, which include Duqm Special Economic Zone

Authority, Sohar Port and Freezone, Salalah Free Zone, he said.

Al-Hasani noted that Madayn is managing and operating today

seven industrial cities throughout the Sultanate, in addition to the IT

park known as Knowledge Oasis Muscat (KOM) and Al Mazunah Free

Zone. Therefore, there are a variety of attractive investment

opportunities in Oman for the local and foreign investors, especially

that the Sultanate enjoys great economic and commercial ties with a

number of economic blocs, he pointed out.

He added that Madayn is part of an integrated economic

system that seeks to achieve global reach through constructing and

operating advanced business cities that go in line with the best

international experiences. To achieve this, Madayn has made efforts to

restructure its legal system and re-engineer all its operations with the

aspiration of enhancing competitiveness and attracting foreign and

national investments. The issuance of the Royal Decree no. 32/2015

came to reflect the new role attached to Madayn as it will be linked to

regulating and monitoring within its industrial cities, in addition to its

issuance of licenses and permits.

Moreover, Madayn has adopted a programme to strengthen

Public-Private Partnership (PPP). By the end of the programme, all of

Madayn’s industrial cities will be constructed, managed and operated

by the private sector. As part of this programme, Madayn established

Oman Investment and Development Holding Company (Mubadrah),

which has begun to manage and develop Al Rusayl Industrial City

since the beginning of the current year as a first step.

Al-Hasani informed that the total area of Madayn’s cities has

exceeded 100 million sqm today, with more than 2200 projects

investing in these cities employing more than 60,000 of workforce, of

which more than 20,000 are Omanis. The total volume of investments

has touched more than USD 17 billion. Additionally, work is underway

to launch two new industrial cities in Shinas and Thumrait. The two

cities will be the first to be fully developed and managed by the private

sector through developers with international expertise in this field. All

these efforts aim at making our business cities among the major

investment destinations for the local, Arab and foreign investors, al-

Hasani added.

Madayn officials then briefed the audience on the available

investment opportunities in the various industrial cities. The officials

highlighted the available investment opportunities in the industrial cities

and pointed out the vision of Madayn, which is to enhance Oman’s

position as a leading regional centre of manufacturing, ICT, innovation

and entrepreneurship excellence, and its mission to attract industrial

investments and provide continued support, through regionally and

globally competitive strategies, good infrastructure, value adding

services, and easy governmental processes. Madayn officials also

elaborated on the incentives and facilities offered by Madayn, which

include 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; exemption from tax on net profit for a period of five years for

industrial projects; exemption from customs duties and taxes on

production input; among other incentives.

On its part, officials of Madayn’s investment arm � Shumookh

Investment and Services SAOC, briefed the attendees on the company

that was established in 2010. They explained that Shumookh aims at

developing infrastructure projects and encouraging investment in the

industrial cities under Madayn. The vision of Shumookh is to develop

globally competitive industrial infrastructure in the industrial cities of

Madayn and create the best environment for the growth of industries in

Oman through the attraction of strategic partnerships to invest and

implementation of diverse infrastructure development projects in the

industrial cities pertaining to Madayn.

Source: Oman News Agency