The national GDP contribution of non-oil sectors in Oman is expected to reach 90% by 2040, noted Ahmed Al Hajri, Director General of Nizwa Industrial City.
Ahmed Al Hajri, in a seminar titled ‘Nizwa Industrial City: Reality and Prospects’ affirmed, “The economic stimulus plan, approved by the Council of Ministers and endorsed by His Majesty Sultan Haitham bin Tarik, presents incentives to ensure economic growth rates of more than 2.5%.” The seminar was organised by Public Establishment for the Industrial Estate (Madayn) and as a part of Madayn’s Oman Manufacturing Group (OMG) series of events for the year 2022.
While elaborating on the benefits and prospects of the existing investment climate in Nizwa Industrial City, the Director-General quoted manufacturing as one of the leading sectors to diversify the country’s economy and non-oil sector growth.
Al Hajri informed that the investment volume in Al Dakhiliyah Governorate has climbed to approximately OMR 900 million (USD 2.34 billion), of which OMR 600 million is the total investment volume of Nizwa and Samail Industrial Cities, effectively representing 66% of the total investment volume in Al Dakhiliyah.
He also confirmed that the number of local projects in these two industrial cities has reached nearly 300 employing around 6,647 workmen.
The Madayn Director-General then highlighted the incentives given by Madayn to the investors and business owners in its network of industrial cities across the sultanate.
The incentives outlined by Al Hajri included the following
- A lease period of lands and facilities for up to 30 years and renewable for the same period
- Usufruct contracts for up to 99 years and the 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
- A fair evaluation of buildings and facilities upon the termination of the lease contract
- Well developed and equipped lands with basic services e.g. water, electricity, telecom, roads
- Transparent legal frameworks
- On time delivery of Services
The Director of Strategic Planning and Corporate Performance Assessment at Madayn, Mariya Al Zadjali appraised the audience on Madayn Vision 2040 and emphasized that the vision 2040 focuses on creating world-class business cities, preserving the identity of Oman, and significantly contributing to economic growth and prosperity.
Comprehensive and sustainable socioeconomic reforms and social development are at the core of this Vision 2040 and are designed to be achieved through strong Public-Private Partnerships, well-developed business cities with integrated services, adoption of best practices, solutions and technologies to address business requirements and business variability while complying with the environmental norms.
The Director of Planning and Geographical Systems at Madayn, Eng Samar Al Hosni presented the investment opportunities available in Madayn Investment Complexes in Sur, Samail, Sohar and Al Buraimi Industrial Cities.
The Director informed that in Sur Industrial City, investment opportunities are provided for doing business in Oman and food investment complexes on an area of 42,000 sq m, and multiple industries investment complexes on an area of 41,000 sq m.
Investment opportunities are also offered in Samail industrial city and food investment complexes on an area of 53,000 sq m, multiple industries investment complexes on 22,000 sq m, and logistics investment complexes on 61,000 sq m areas.
The investment opportunities available with Sohar industrial city include food investment complexes having an area of 60,000 sq m, multiple industries with 60,000 sq m, and plastic industries investment complexes with 50,000 sq m.
Al Buraimi Industrial City also offers investment opportunities in food investment complexes on an area of 27,000 sq m and multiple-industries investment complexes with 32,000 sq m area.
Besides manufacturing, Oman has identified certain other sectors as ripe for development, including mining, tourism and logistics which will be the key drivers of the non-oil economy and help Oman achieve its Vision 2040 objectives. The country aims to boost economic growth outside of Muscat by investing in special economic zones and encouraging the expansion of industrial estates for company formation in Oman.
