Published on 06th September 2021
The board of Oman's Public Establishment for Industrial Estates (Madayn) has approved new projects for Sur Industrial City.
These include the private sector's creation of a township for the integrated workforce in order to improve the services provided and the business climate in Sur Industrial City.
It also received clearance from the board for a shipyard project that will include a factory for contemporary fishing vessels, as well as a ship maintenance facility and repair center, among other services.
Dr Saleh bin Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, and Chairman of Madayn's Board of Directors, revealed this during the company's fourth meeting of the year.
According to Madayn, these new developments will benefit from special incentives announced earlier this year, including a two-year rental rate exemption followed by a 50% drop in rental value for a three-year term for contracts signed between 2021 and 2024.
During the same time period, Madayn will also reduce all other fees listed in Annex of the Investment Regulations by 50%.
All of Madayn's efforts will go a long way toward creating a favorable atmosphere for promising enterprises in the Sultanate's fisheries industry. Sur Industrial City's overall investment volume is expected to reach USD 3.88 billion by the end of 2020.
The stated incentives are part of Madayn's efforts to minimize the economic effects of the Covid-19 outbreak and the global reduction in oil prices.
The incentives also help Madayn's goal of elevating Oman's status as a regional leader in manufacturing, ICT, innovation, and entrepreneurship.