Construction work has started on five new industrial cities across Oman as the sultanate seeks to establish a total of 40 by 2040.
Coinciding with Industry Day in Oman, Hilal bin Hamad Al Hasani, CEO of the Public Establishment for Industrial Estates (Madayn), revealed that new industrial cities are being built in Khasab, Ibri, Thumrait, Shinas and Al Mudhaibi.
“These industrial cities will be added to the nine that are operating across the sultanate, which will play a pivotal role in enhancing comprehensive and sustainable economic and social development under the wise leadership of Sultan Haitham bin Tarik,” said Al Hasani.
He added that Madayn has the goal of setting up a total of 40 industrial cities as part of Oman Vision 2040.
With only one industrial city in Oman back in 1991, the industrial sector is now thriving with an expanding network of industrial cities across the country.
“With nearly 2,300 localised projects, the total investment volume in Madayn’s industrial cities today is approaching RO7 billion. The Omanisation rate in these projects exceeds 38 percent of the total workforce in the industrial cities, which accounts for up to 8 percent of the total private sector workforce at the national level and exceeds 63 percent of the total workforce in the industrial sector of Oman,” Al Hasani added.
Madayn has introduced recently its Industrial Innovation Academy to promote a diversified and sustainable economy based on technology, knowledge and innovation.
It has also announced plans for new industrial cities in Musandam, Al Dhahirah, Al Sharqiyah North, Al Batinah North and Dhofar governorates and has started to look for local and foreign investors to develop other industrial cities in partnership with the private sector.
Madayn has recently announced a package of incentives and exemptions from fees to support the investment climate in its various industrial cities.
Al Hasani said that despite the global economic fluctuations and Covid-19 impact, Madayn’s total investment volume increased by 1.6 percent, the total number of projects grew by 3.4 percent, and the percentage of leased space increased to 2 percent.
Source:https://www.arabianbusiness.com/gcc/oman/oman-industries/how-oman-is-planning-to-supercharge-its-industrial-sector-by-2040