Saudi Business Delegation Explores Investment Opportunities in Sohar Industrial City
Sohar, 31 Aug (ONA) — A high profile Saudi business delegation visited Sohar Industrial City today. The city falls under the umbrella of the Public Establishment for Industrial Estates (Madayn). The delegation explored the investment climate in the industrial city.
Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, and Chairman of Madayn’s Board of Directors welcomed the Saudi business delegates and briefed them on Madayn’s mission in attracting industrial investments and providing continued support, through regionally and globally competitive strategies, good infrastructure, value adding services, and easy governmental processes.
Hamad Hamoud al-Qasabi, Director General of Sohar Industrial City, informed the delegates that Sohar Industrial City is divided into seven phases where the occupancy rate in the first four phases has touched 100 per cent while the occupancy rate of phases 5 and 6 is almost 70 per cent, and the occupancy rate in phase 7 is about 40 per cent.
“Work is in full-swing in developing phase 7 of the industrial city, which will be completed during the first half of 2022 and shall provide integrated infrastructure and more space to attract and localise new investments,” al-Qasabi said, adding: “Phase 7 of Sohar Industrial City is being implemented by Madayn on an area of 8.5 million sqm, and incorporates road works, water and sewage networks, sewage treatment plant, rain drainage channels, water tanks in addition to security requirements.”
Al-Qasabi added that the investment volume in Sohar Industrial City has exceeded RO 2 billion. “A total of 380 industrial, service and commercial projects are operating in Sohar Industrial City, which employ more than 13,700 personnel. Additionally, Madayn is currently working on implementing two strategic projects in the industrial city. The first is Madayn Vehicle Complex (Motkar) and the other is the Plastic Industries Complex,” he informed.
Motkar project will feature an integrated hub for car trading, spare parts, car accessories and services, and showrooms on an area touching 1 million sqm. As for the plastics complex project, al-Qasabi explained that Madayn, in coordination with OQ and Oman Vision 2040 Implementation Follow-up Unit, is working on finalising the project’s preparatory phase. An area exceeding one million sqm has been allocated for the plastics complex project in Sohar Industrial City.
Al-Qasabi also outlined the incentives offered by Madayn to woo investments, which include lease period of lands and facilities for up to 30 years, renewable for the same period; right to waive the lease right for the remaining period of the contract; right to sell constructions and buildings on the leased land; right to involve new partners in the lease contract; fair evaluation of buildings and facilities upon the termination of the lease contract; developed and equipped lands with basic services (water, electricity, telecom, roads); transparent legal frameworks illustrating rights and obligations; punctuality in service delivery; in addition to other incentives.
The Saudi business delegates were also familiarised with the objectives of Masar Service Centre in Sohar Industrial City, which acts as an ideal platform that eases investment application procedures for the investors as they are able to obtain related approvals, permits and licenses under one platform and within a specific timeframe. Madayn established Masar to provide integrated services required by the investors to contribute in enhancing the investment climate in the Sultanate.
The Saudi business delegation then toured Sohar Industrial City and visited Sohar Aluminium Company, which was established in 2004 to undertake a landmark Greenfield aluminium smelter project in Oman.