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Oman’s Public Establishment for Industrial Estates (Madayn) announced a new package of investment incentives for real estate investors and developers to help them build, operate, manage, sell, and lease industrial and commercial buildings and units within the development.
This was possible due to the amended provisions of the investment regulations by Madayn in bid to enhance their competitiveness in the investment environment, Trade Arabia reported on Saturday.
The amendments comprise granting activity licenses for those holding Riyada certificate from the Public Authority for Small and Medium Enterprises Development, as well as reducing the fees for licensing the activity for small businesses that have not obtained Riyada certificate.
These also include granting a new development license, development license/sub developer, and development license/operator.
CEO Hilal bin Hamad Al Hasani said: “The decision to amend provisions of the investment regulations offers an added value for the industrial cities and gives an impetus for investors, business owners and SMEs from inside and outside the sultanate to localise their businesses in the industrial cities.”
“It is in continuity of Madayn’s role to diversify income sources and support the national economy through providing a set of incentives that contributes to the advancement of the business environment in the sultanate,” Al Hasani said.
Thanks to a variety of incentives, Madayn has succeeded in attracting major industrial companies and value-added investments into the sultanate.
According to the Omani group, the cumulative investment volume in its various industrial cities has surged to hit RO6.69 billion ($17.3 billion) by the end of 2019, marking an increase of RO123 million ($318 million) compared to the volume of investments the previous year.
The workforce in these industrial cities has grown to around 61,000 compared to 60,000 in 2018. Moreover, the number of projects in their various execution phases has reached 2,313 by the year-end, it stated.
Al Hasani pointed out that the new incentives open the way for real estate investors and developers to invest in Madayn’s industrial cities and allow them to build, operate, manage, sell, and lease industrial and commercial buildings and units.
“These include allowing investors to rent buildings and facilities that are built on the leased lands, Also the investors may involve new partners in the lease contract with Madayn, provided that the activity of the new partner complements the activity of the current investor,” remarked Al Hasani.
Moreover, Madayn said its board of directors has granted the authority to reduce the fees at a rate not exceeding 50 percent and a period not exceeding five years for fees of licensing and the services offered by Madayn, and the rents of lands and facilities in the new industrial cities or those industrial cities that require exceptional incentives and advantages.
The package also includes reduction of up to 70 percent in the fees for licensing the activity in the industrial cities, he added.
