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Incentives include exemption from rental value for two years
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Board of Directors also approved the project to establish an integrated workforce township
New projects in Sur Industrial City of Oman will get the incentives that were announced earlier this year by Madayn, the country’s Public Establishment for Industrial Estates.
Madayn Board of Directors announced has announced that these incentives include exemption from rental value for a period of two years, followed by a reduction in the rental value for a period of three years by 50 percent for contracts concluded during the period from 2021 to 2024.
Other fees that are listed in Annexure (1) of the Investment Regulations will be reduced by 50 percent during the same period.
The Board agreed to implement an array of investment opportunities in Sur Industrial City at its fourth meeting this year chaired by Dr. Saleh bin Said Masan, undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry and chairman of the Board.
The Board of Directors has approved the project of establishing an integrated workforce township by the private sector to enhance the services offered and boost the business environment in Sur Industrial City.
It also approved a shipyard project in Sur Industrial City, which includes the establishment of a factory for modern fishing vessels and a ship maintenance and repair center among other related services. T
These efforts are expected to play a key role in enhancing an attractive environment for promising projects in the Sultanate’s fisheries sector.
The total volume of investments in Sur Industrial City has touched RO1.5 billion ($3.8b) by the end of 2020.
Madayn has marked Sur Industrial City for precision manufacturing and nanotechnology. The City will also have pharmaceutical industries complex and food industries complex like other industrial cities.
Construction Week reported in December last year that until mid-2020, the total volume of investments in Sur Industrial City marked a growth rate of 0.67%, compared to the same period in 2019.
The strength of the workforce at the industrial city increased to 4,111, registering the Omanization rate of 49%. The total number of localized projects reached 127 by mid-2020, and the total area of Sur Industrial City reached 36,1 million square meters, which makes it the largest industrial city in terms of area.